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Class 12 Accountancy Partnership Accounts - Basic Concepts Partnership DeedHard

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Which statement is correct when there is no partnership deed?

Answer and explanation

Correct answer: Profits are shared equally

In absence of a deed profits are shared equally. Salary interest on capital and interest on drawings need an express agreement.

Related tags

Absence Of Deed Default Rules Partnership Act Partnership Deed Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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