S1: In the absence of a partnership deed, interest on partner's loan is allowed at 6% per annum. S2: In the absence of a partnership deed, interest on partner's capital is not allowed. Which statement(s) is/are correct?
Explanation:
The Partnership Act 1932 mandates that if the deed is silent, interest on a partner's loan is allowed at 6% p.a., but no interest on capital is allowed. Both statements are correct.
The 'Budgetary Control' system involves: 1. Establishment of budgets, 2. Continuous comparison of actuals with budgets, 3. Taking corrective action, 4. Performance evaluation. Which of these are essential elements?
No comments yet. Be the first to start the discussion!