Class 12 Accountancy – Chapter 1 Question 1 with Solution

Q1. In the absence of Partnership Deed, state the provisions of the Partnership Act, 1932 relating to:

(a) Salaries of partners,

(b) Interest on partners’ capitals,

(c) Interest on loan by partner,

(d) Division of profit,

(e) Interest on partners’ drawings,

(f) Interest on loan given to partners?

SOLUTION :