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Question
How will you settle the following dispute?
A has drawn ₹ 50,000 from the firm for personal use. B and C demand that interest should be charged @ 12% per annum.
Very Short Answer
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Solution
In the absence of a partnership deed, interest will not be charged on A’s drawings.
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Chapter 1: Accounting for Partnership Firms - Fundamentals - VERY SHORT ANSWER QUESTIONS (1 Mark) [Page 1.134]
