rate of interest
This query is : Resolved
Guest
Guest
(Querist)
26 June 2008
if partners decide to charge interest on drawings and give interest on capital in partnership deed but no rate is decided, what rate should be taken?
26 June 2008
As per Partnership Act 1932, rate of interest in above condition is not given. So 6% p.a. can be applied, since 6% p.a. is applied on interest on partner's Loan.
26 June 2008
As per Partnership Act 1932, rate of interest in above condition is not given. So 6% p.a. can be applied, since 6% p.a. is applied on interest on partner's Loan.
28 June 2008
No interst on drawings and capital if the deed is silent
but int on loan will caryy 6% p.a
but int on loan will caryy 6% p.a
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