In absence of Partnership agreement interest on partner's loan/Advance will be calculated at 6% pa (5% / 6% / 8%) 14 The partner who does not participate actively in partnership business is knows as nominal (nominal / inactive) partner when partnership deed is absent Study Test Time RULES APPLICABLE IN THE ABSENCE OF PARTNERSHIP DEED As we know from the previous discusion that it is not cumpulsory to have a partnership deed for a partnership firm Hence if a firm is not having any written agreement or a partnership deed or if partnership deed is there but it is silent on In the absence of agreement, partners are not entitled to Salary Commission Equal share in profit Both (a) and (b) 12 In the absence of partnership deed, partners share profits or losses In the ratio of their Capitals In the ratio decided by the court Equally In the ratio of time devoted
Partners Loan Account With Interest Thereon Assignment Point
