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Krishan and Saif are partners in a partnership firm without any agreement. Krishan has withdrawn Rs. 60000 out of his capital as drawings. What is the percentage of interest on drawings that may be charged from Krishan by the firm?
30. Krishan and Saif are partners in a partnership firm without any agreement. Krishan has withdrawn Rs. 60000 out of his capital as drawings. What is the percentage of interest on drawings that may be charged from Krishan by the firm?
- No interest can be charged
- 10 % Per Annum
- 12 % Per Month
- 6 % Per Annum
Answer: A) No interest can be charged
Explanation:
Since Krishan has withdrawn Rs. 60000 out of his capital as drawings therefore no interest shall be charged from Krishan by the partnership firm.