12th CBSE accountancy 1st oct 2024

A and B are partners in a pertnership firm without any agreement. A has withdrawn 50,000 out of his Capital as drawings. Interest on drawings may be charged from A by the firm:

• @ 5% Per Annum

• @ 6% Per Annum

• @ 6% Per Month

• No interest can be charged

A and B are partners in a partnership firm without any agreement. A devotes more time for the firm as compare to B. A will get the following commission in addition to profit in the firm's profit:

• 6% of profit

• 4% of profit

• 5% of profit

• None of the above

In the absence of partnership deed, the following rule will apply:

• No interest on capital

• Profit sharing in capital ratio

• Profit based salary to working partner

• 9% p.a. interest on drawings

In the absence of agreement, partners are not entitled to :

• Salary

• Commission

• Equal share in profit

• Both (a) and (b)

Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:

• Profits

• Reserves

• Accumulated Profits

• Goodwill