In the absence of a partnership deed, interest on partners' capital is allowed at: MCQ with Answer and Explanation

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In the absence of a partnership deed, interest on partners' capital is allowed at:

A. 12% p.a.

B. 6% p.a.

C. 5% p.a.

D. No interest

Answer: Option D

Solution (By JKSSB Mock Tests)

According to the Indian Partnership Act, no interest on capital is allowed unless there is an agreement.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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The 'MCA 21' portal is used for:

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Correct Answer: Option D

Explanation:
MCA 21 is the e-governance initiative of the Ministry of Corporate Affairs.

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Correct Answer: Option D

Explanation:
Consistency ensures comparability; accounting policies should be consistently applied over time, changes only for valid reasons.

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Correct Answer: Option C

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