If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-
- A
- B
- C
- D
Solution & Step-by-step Explanation
According to the provisions of the Indian Partnership Act, 1932, in the absence of any agreement or if the partnership deed is silent, interest on loans or advances given by a partner to the firm is to be allowed at a fixed rate of per annum.