UPMSP Intermediate Accountancy Practice Questions - Uttar Pradesh UPMSP Intermediate (Class 12) Accountancy - Code 156 Exam

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In the absence of a written partnership deed, what is the statutory rate of interest allowed on a loan advanced by a partner to the firm according to the Indian Partnership Act, 1932?

6% per annum simple interest 12% per annum compound interest 5% per annum simple interest No interest is allowed on partner's loan

Correct Answer:

6% per annum simple interest

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