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AP
Question Practice

How is interest on a partner's loan calculated if no specific rate is mentioned in the partnership deed?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Accounting for Partnership: Ba...
Question Bank

How is interest on a partner's...

Single Answer MCQ
Q-00082028

How is interest on a partner's loan calculated if no specific rate is mentioned in the partnership deed?

1

According to market rates

2

Always at 6% p.a.

3

At a standard rate of 12% p.a.

4

At 8% p.a. if agreed

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Q1.

What is a partnership and what are its chief characteristics?

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Q2.

Explain the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts in the absence of a partnership deed.

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Q3.

What is the primary purpose of a partnership deed?

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Q4.

If a partnership deed is silent on the profit-sharing ratio, how should profits be shared?

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