Partnership act, Accounting Basics

If partners do not draw up a partnership agreement, the provisions of the Partnership Act apply on which statement is true like a provision of the Partnership Act?

A Interest on drawings is charged at 5% a year.

B Interest on loans from partners is to be at 8% a year.

C Partners are not entitled to salaries.

D Profits are to be shared in the ratio of fixed capitals.

Posted Date: 2/12/2013 7:35:24 AM | Location : United States

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