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Question
Match the following items:
| (i) | When partnership deed does not provide for interest on capital. | (a) | Interest on capital is not allowed. |
| (ii) | When partnership deed provides for interest on capital but is silent on whether it is charge or appropriation. | (b) | Interest on capital is allowed in all circumstances. |
| (c) | Interest on capital is allowed if there is profit in the firm. |
Match the Columns
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Solution
| (i) | When partnership deed does not provide for interest on capital. | (a) | Interest on capital is not allowed. |
| (ii) | When partnership deed provides for interest on capital but is silent on whether it is charge or appropriation. | (c) | Interest on capital is allowed if there is profit in the firm. |
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