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Question
In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of ______.
Options
5%
6%
10%
9%
MCQ
Fill in the Blanks
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Solution
In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of 6%.
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Chapter 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.1 (Objective Questions) [Page 50]
