O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2025 · Q221 Mark

Jack and Gill are setting up in business as partners and are considering writing up a partnership agreement. What is not included in any partnership agreement drawn up by them?

Athe rate of interest to be charged on drawings

Bthe rate of interest to be paid on a loan from a partner

Cthe rate of interest to be paid on a loan received from the bank

Dthe rate of interest to be paid on the capital invested by each partner

✓ Correct answer

C: the rate of interest to be paid on a loan received from the bank

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2025 Paper 1 Variant 2, question 22.

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