In the absence of a partnership deed, profits of the firm will be shared by the partners in 

(a)

Equal ratio

(b)

Capital ratio

(c)

Both (a) and (b)

(d)

None of these

As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

(a)

8% per annum

(b)

12% per annum

(c)

5% per annum

(d)

6% per annum

When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

(a)

Additional capital introduced

(b)

Interest on capital

(c)

Interest on drawings

(d)

Share of profit

Which of the following is the incorrect pair?

(a)

Interest on drawings – Debited to capital accouunt

(b)

Interest on capital - Credited to capital account

(c)

Interest on loan - Debited to capital account

(d)

Share of profit - Credited to capital account

Pick the odd one out

(a)

Partners share profits and losses equally

(b)

Interest on partners capital is allowed at 7% per annum

(c)

No salary or remuneration is allowed to partners

(d)

Interest on loan from partners is allowed at 6% per annum