Which of the following is not true of a partnership business without written agreement?

Accounts - Principles of Accounts

WAEC 1994

A. profit and losses will shared equally
B. interest not to be paid on capital
C. interest on drawings is to be at the rate 5% per annum
D. salaries are not allowed to partners
E. money in excess of capital agreed to subscribe is to attract an interest of 5% per annum

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Correct Answer: Option C

Explanation

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