Accountancy

In the absence of partnerships deed profit will he shared

• Equal ratio

• Capital ratio

• Both

• None of these

In the absence of an agreement, int. On capital is

• Not allowed

• Allowed at bank rate

• Allowed @ 5%

• 6%

The rate of interest allowed on loans advanced

• 8%

• 5%

• 6%

• 12%

Following shown in profit and loss appropriation a/c

• Office expenses

• Salary of staff

• Partners salary

• Interest on bank loan

Fixed method is adopted which of the following will appear in capital account

• Additional capital

• Int. On capital

• Int. On drawings

• Share of profit

Partner withdraws regularly at the middle of every month int calculated on

• 5.5 months

• 6 months

• 12 month

• 6.5 month

In the absence of an agreement partners are entitled to

• Salary

• Commission

• Int. On loan

• Int. Capital

Profit 10500 commission 5% after charging commission

• 50

• 150

• 550

• 500

Firm incurs loss int. Captial will be provided

• True

• False

If profit is insufficient int. On capital will not be provided

• True

• False