Which of the following rules is applicable in the
Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable
On drawings at the rate of 5% per annum
On any contribution in excess of agreed capital at 5% per annum
At 5% per annum on the current account balances
On agreed capital contributed at 5% per annum
Correct answer is B
If no specific agreement is made by the partners, 5% interest a year on loans made by partners in excess of the agreed capitals.
The balance on the provision for depreciation account is? ...
Goods withdraw from business for private use are credited to? ...
The person who has applied for shares in a company is called ...
The total cash and cheques received from customers in a control account is derived from the ...
When provision is made for doubtful doubt, the accounting entries are ...
Recurrent expenditure of a local government include ...
To show the evidence of payment to a government ministry, the revenue collector issues a ...