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Where There Is No Agreement Made By The Partners, The Following Provisions Take Place Except? - Erudites Academy

Where there is no agreement made by the partners, the following provisions take place except?

by | Jan 10 | Accounting WAEC | 0 comments

A. No salary for partners acting in the business
B. There is interest on capital
C. No interest to be charged on drawings
D. Profit and loss are to be shared equally

Correct Answer: Option B

B. There is interest on capital

Explanation

According to section 24 of the partnership Act 1890. If no specific agreement is made by the partners, the following takes place:
1. No partners may introduce a new person without the consent of all other partners 2.5% interest a year on loans made by partner e.t.c

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