ACCOUNT
JAMB 2023 - Question 38
Account 2023 JAMB Past Questions - Question 38: In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of
A:
B:
C:
D:
Correct Answer
B
Explanation
Where there is no agreement between the partners, the following must applied:
- there is no interest on capital
- no salary for partners acting in the business
- no interest to be charged on drawings
- profit and loss are to be shared equally
- 5% interest a year on loans made by partners in excess of the agreed capitals
- no partners may introduce a new person without the consent of all existing partners
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