In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:
A) 6%
B) 5%
C) 12%
D) 9%
Correct Answer:
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Q11: _ account shows the shortage or surplus
Q12: The profit included in surplus or shortage
Q13: The balance of branch adjustment account is
Q14: An ordinary partnership business can have:
A)not more
Q15: In the absence of an agreement profit
Q17: Current accounts of the partners should be
Q18: Investment in partnership is made by introducing:
A)cash
B)none
Q19: Any partner who investments in the business
Q20: The written agreement of partnership is called:
A)partnership
Q21: Under fixed capital methods, profit will be
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