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Question
Answer in one sentence only.
In the absence of Partnership Deed, what is the rate of interest on loan advanced by partner to the firm is allowed?
One Line Answer
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Solution
In the absence of Partnership Deed, 6% is the rate of interest on loan advanced by partner to the firm.
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Chapter 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.1 (Objective Questions) [Page 53]
