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Which of the following rules is applicable in the absence of a partnership agreement? Interest...

Accounts - Principles of Accounts
WAEC 2023

Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable

  • A. on drawings at the rate of 5% per annum
  • B. on any contribution in excess of agreed capital at 5% per annum
  • C. at 5% per annum on the current account balances
  • D. on agreed capital contributed at 5% per annum
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Correct Answer: Option B
Explanation

If no specific agreement is made by the partners, 5% interest a 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
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group