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Partners in a firm will get Interest on Capital if provided in the partnership deed but only out of which account?
34. Partners in a firm will get Interest on Capital if provided in the partnership deed but only out of which account?
- Reserves
- Goodwill
- Assets
- Profits
Answer: D) Profits
Explanation:
If provided in the partnership deed the partners of a firm will get Interest on Capital only from the Profit Account.