Multiple choice

Which of the following is not a provision of partnership that is not followed in the absence of a partnership deed?

  1. Interest on Partner's Loan is paid @ 6%.

  2. Interest on Partner's Loan is paid @ 6% Per Annum.

  3. No Interest on capital to any partner.

  4. No salary or commission to any partner.

  5. No Interest on drawings.

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

It is the correct answer, as the term 'Per Annum' is missing.