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Question
In the absence of a Partnership Deed, what are the rules relating to interest on a partner’s drawings?
Very Short Answer
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Solution
In the absence of a Partnership Deed, no interest is charged on a partner’s drawings as per the Indian Partnership Act, 1932.
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Chapter 1: Accounting for Partnership Firms - Fundamentals - VERY SHORT ANSWER QUESTIONS (1 Mark) [Page 1.129]
