Accountancy Tes...

Is interest on a loan permitted in the absence of any agreement or when the partnership deed is silent?

What does a guarantee given to a partner 'A' by the other partners 'B & C' imply?

How would you close the Partner's Drawings Account?

In the absence of any agreement, partners are liable to receive interest on their loans at what rate?

Interest on Drawings is:

Firm has earned exceptionally high profits from a contract which will not be renewed. In such a cash the profit from this contract will not be included in ______.

A draws Rs. 1000 per month on the last day of every month. If the rate of interest is 5% k.p.a. then the total interest chargeable from him to accounting year ending on 31-12-1985 will be

As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at ______% p.a.:

A partner acts as ______ for a firm.

If there is no partnership deed then interest on capital will be charged at ______________p.a.