Where there is no agreement between the partners, the Par...
Where there is no agreement between the partners, the Partnership Act states that
5% interest is to be paid on capital
Profit and losses are to be shared in proportion to their capital
50% interest is to be charged on drawings
No salary is to be paid to partners
Correct answer is B
No explanation has been provided for this answer.
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\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\ \hline \text{Debtors} & 4,...