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Mention any four provision of partnership …

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Mention any four provision of partnership act in the absence of partnership deed .

Posted by Rajywardhan Charan 5 years ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years ago

Even if there is no partnership deed,the following provisions shall still apply:-

1. Partners share profits and losses equally even if they contribute capital in different amounts.

2.Every partner has right to participate in the conduct of the business and to access the books,accounts and other documents.

3.Partners are not entitled to interest on capital and to draw any salary for the work done.

4.Partners are allowed to receive interest on any loan advanced by them @ 6%p.a.

5.No interest is to be charged on drawings

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