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In the absence of partnership agreement, a loan by a partner attracts interest at

Accounts - Principles of Accounts
JAMB 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

  • A. 20%
  • B. 5%
  • C. 10%
  • D. 15%
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Correct Answer: Option B
Explanation

If no specific agreement is made, 5% interest 2 year on loans made by partners in excess of the 'agreed capitals'.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now