state the provisions of pernership Act 1932 in the absence of a partnership Deed regarading (i) interest on partners Drawings and (ii) interest on Adv

Question

state the provisions of pernership Act 1932 in the absence of a partnership Deed regarading (i) interest on partners Drawings and (ii) interest on Adv

state the provisions of pernership Act 1932 in the absence of a partnership Deed regarading (i) interest on partners Drawings and (ii) interest on Advances other than capital .

Monjur Alahi

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2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

1) Interest on drawings : No interest on drawings would be charged from partners.
2) Interest on Advances other than capital : If a partner has provided any Loan to the firm, he would be paid Interest at the rate 6% p.a. This interest on laon is a charge against profits i.e. it is to be allowed even if there are losses to the firm.