In the absence of partnership deed, what are the rules relating to :

1.	In the absence of partnership deed, what are the rules relating to : (a) Interest on partners capital (b) Interest on partners drawings (c) Interest on partners loan (d) Partners’ profit sharing ratio (e) Salaries of partners
Answer» In the absence of partnership deed the provision affecting of Indian partnership act, 1932 are applicable The important rules are as follows: (a) Interest on partners capital — No Interest on capital is to be paid (b) Interest on partners drawings — No Interest on drawing is to be charged (c) Interest on partners loan — Interest on loan is to be given at 6% per annum (d) Partners profit sharing ratio — Profit and losses are to be shared equally (e) Salaries of partners — No salary is payable to partners

In the absence of partnership deed, what are the rules relating to : (a) Interest on partners capital (b) Interest on partners drawings (c) Interest on partners loan (d) Partners’ profit sharing ratio (e) Salaries of partners

Answer»

In the absence of partnership deed the provision affecting of Indian partnership act, 1932 are applicable

The important rules are as follows:

(a) Interest on partners capital — No Interest on capital is to be paid

(b) Interest on partners drawings — No Interest on drawing is to be charged

(c) Interest on partners loan — Interest on loan is to be given at 6% per annum

(d) Partners profit sharing ratio — Profit and losses are to be shared equally

(e) Salaries of partners — No salary is payable to partners