interest on capital.

This query is : Resolved 

12 May 2009 i observe on partnership deed that partners of the firm mutually agrees to pay interest on capital @12% from 1.4.05.
now if some one of the partner withdraw more than its capital than is he is liable to pay interest on drawings.

12 May 2009 Only if there was a provision in the deed for the same.

12 May 2009 i had mention the statment from deed. so what u think from this.


13 May 2009 No , since there is no mentioning in the deed about the interest of drawing ( i.e. excess drawing will be termed as interest on drawing and charged @...% clause is missing)

no intt. on drawing.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries