Partnership

General Accounting Principles

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If the partnership deed is silent then interest of advances is taken

6% p.a

10% p.a

None of the above

Explanation:

If any partner has advanced some money to the firm beyond the amount of his capital for the purpose of business, he shall be entitled to get an interest on the amount at the rate of 6 per cent per annum.

By: NIHARIKA WALIA

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