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Question
A firm does not have a Partnership Deed. Based on this fact, Match the following:
| (i) | Interest will be allowed @ 6% p.a. | (a) | Drawings of partners |
| (ii) | Interest will not be allowed | (b) | Net loss of the firm for an accounting year |
| (iii) | No interest will be charged | (c) | Capitals contributed by the partners |
| (iv) | Partners shall share equally | (d) | Loan given by a partner to the firm |
Match the Columns
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Solution
| (i) | Interest will be allowed @ 6% p.a. | (d) | Loan given by a partner to the firm |
| (ii) | Interest will not be allowed | (c) | Capitals contributed by the partners |
| (iii) | No interest will be charged | (a) | Drawings of partners |
| (iv) | Partners shall share equally | (b) | Net loss of the firm for an accounting year |
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