In the absence of an agreement, Interest on loan advanced by the partn – McqOptions

MCQOPTIONS

1.	In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:
A.	6%
B.	5%
C.	12%
D.	9%
Answer» B. 5%

Discussion

No Comment Found

Related MCQs

All the transactions measurable in the terms of money are recorded in accounts is according to
While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as
In income measurement & recognisation of assets & liabilities which of the following concepts goes together?
Which accounting concept specifies the practice of crediting closing stock to the trading account?
The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
A partners has to pay interest on drawings what is the entry in the personal A/c of the partner?
Goodwill is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of goodwill be:
Value of goodwill agreed upon Rs. 30000 on C, S admission and allowing him share of total profit Goodwill is brought in cash, the amount of goodwill be as:
Goodwill of the firm is valued Rs. 30000. C an incoming partner purchase share of total profit Goodwill be raised in the books.
An incoming partner pays his share of goodwill in cash, and profit sharing ration of old partner is changed, Goodwill be distributed among old partners: