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Partnership Accounts - Profit and Capital Adjustments

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Multiple Choice

In the absence of an agreement to the contrary, the partners are :

  1. Entitled to $6%$ interest on their capitals only when there are profits
  2. Entitled to $9%$ interest on their capitals only when there are no profits
  3. Entitled to interest on capital at the bank rate only when there are profits
  4. Not entitled to any interest on their capitals
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