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Where there is no agreement between the partners, the Partnership Act states that 

Accounts - Principles of Accounts
WAEC 2017

Where there is no agreement between the partners, the Partnership Act states that 

  • A. 5% interest is to be paid on capital
  • B. profit and losses are to be shared in proportion to their capital
  • C. 50% interest is to be charged on drawings
  • D. no salary is to be paid to partners
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Correct Answer: Option B
Explanation
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995