Partnership

Accounting

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If partnership deed is silent in respect of interest on drawings, how much interest wll be charged?

Interest on drawings is charged @6%.

No interest on drawings is charged, if the firm suffers loss during the year.

No interest on drawings is charged.

Interest on drawings @6% is charged even if the firm suffers loss during the year.

✅ Correct Option: 3

In the absence of a partnership deed, the Indian Partnership Act 1932 applies. It provides for no interest on drawings at all, irrespective of profit or loss. The 6 percent rate applies only to a partner's loan to the firm.

2025: 4 June Shift 2

Match List-I with List-II

List-I	List-II
Interest on Drawings	Time (Month)
(A). When the amount is withdrawn at the beginning of each month.	(I). 6 months
(B). When the amount is withdrawn at the end of each month.	(II). 6.5 months.
(C). When the amount is withdrawn at the middle of each month.	(III). 5.5 months.
(D). When the amount is withdrawn at the end of each quarter.	(IV). 4.5 months.

Choose the correct answer from the options given below:

2026: 13 May Shift 1

Abhishek and Manan are partners in a firm. Abhishek withdrew regularly Rs. 8,000 every month for six months ending 31st March, 2026. If interest on drawings is charged @ 16% p.a. What amount will be charged as interest on drawings from Abhishek?

2026: 20 May Shift 1

Select the essential features of partnership from the following:

(A) Partnership is the result of an agreement between partners.

(B) Co-ownership of a property between people amounts to partnership.

(D) Each partner carrying on the business is the principal as well as the agent for all the other partners.

Choose the correct answer from the options given below:

2026: 23 May Shift 2

Partners' Current Account shows:

2025: 22 May Shift 1

Which of the following statement is incorrect?

2022: 15 July Shift 2

Identify a characteristics not applicable in partnership

If partnership deed is silent in respect of interest on drawings, how much interest wll be charged?

Solution

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