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.
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)
CAclubindia
