A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2018 · Q111 Mark
Which rule does not apply in the absence of a partnership agreement?
Ainterest on loans is charged at 6% per annum
Bno interest on capital is charged
Cno salaries are paid to partners
Dprofits and losses are shared equally between the partners
✓ Correct answer
A: interest on loans is charged at 6% per annum
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