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In the absence of a partnership agreement, additional capital contributions by partners attract interest of

Accounts - Principles of Accounts
JAMB 2025

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

  • A. 10%
  • B. 12%
  • C. 15%
  • D. 5%
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Correct Answer: Option D
Explanation

If there is no partnership agreement, the Partnership Act 1890 applies. The Act states that no interest is allowed on capital. However, partners may agree to pay interest, commonly at 5% per annum, but this is not legally required.

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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