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State Whether the following Statement is True or False: If a fixed amount is withdrawn by a partner on the first day of every month, interest on the total amount is charged for 61/2 months.

State Whether the following Statement is True or False:

If a fixed amount is withdrawn by a partner on the first day of every month, interest on the total amount is charged for `6 1/2` months.

True or False

The statement is true.

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Chapter 1: Accounting for Partnership Firms - Fundamentals - OBJECTIVE TYPE QUESTIONS [Page 1.142]

Chapter 1 Accounting for Partnership Firms - Fundamentals
OBJECTIVE TYPE QUESTIONS | Q (B) 9. | Page 1.142

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