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State the provisions of the Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered. - Accountancy

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Question

State the provisions of the Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.

Very Short Answer
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Solution

As per the Indian Partnership Act, in the absence of any partnership deed, no salary or any kind of remuneration is allowed to the partners against their services.

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Chapter 1: Accounting for Partnership Firms - Fundamentals - SHORT ANSWER QUESTIONS [Page 1.127]

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D. K. Goel Accountancy Volume 1 and 2 [English] Class 12 ISC
Chapter 1 Accounting for Partnership Firms - Fundamentals
SHORT ANSWER QUESTIONS | Q 11. | Page 1.127
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