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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
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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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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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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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 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
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts