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What is the accepted rate of interest on a partner's loan account in the absence of a partnership deed in a partnership firm?
28. What is the accepted rate of interest on a partner's loan account in the absence of a partnership deed in a partnership firm?
- 10 % Compound Interest Per annum
- 6 % Simple Interest Per annum
- 11 % Compound Interest Per annum
- 12 % Simple Interest Per annum
Answer: B) 6 % Simple Interest Per annum
Explanation:
The accepted rate of interest on a partner's loan account in the absence of a partnership deed in a partnership firm is 6 % Simple Interest Per Annum.