Match List-I with List-II if the partnership deed is silent regarding the items provided in List-I:List-IList-II(A) Interest on Capital(I) to be shared equally(B) Interest on Loan(II) not charged(C) Interest on Drawings(III) not payable(D) Sharing of Profits(IV) @6% p.a.Choose the correct answer from the options given below:
- A(A) - (I), (B) - (II), (C) - (III), (D) - (IV)
- B(A) - (I), (B) - (III), (C) - (II), (D) - (IV)
- C(A) - (III), (B) - (IV), (C) - (II), (D) - (I)
- D(A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Solution & Step-by-step Explanation
In the absence of a partnership deed, the provisions of the Indian Partnership Act, 1932 apply:(A) Interest on Capital is not payable (III)(B) Interest on Partner's Loan is allowed @6% p.a. (IV)(C) Interest on Drawings is not charged (II)(D) Sharing of Profits and Losses must be equal (I)Hence, the correct matching is (A) - (III), (B) - (IV), (C) - (II), (D) - (I).