State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings from a partner when:
State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings from a partner when:
a) The firm has a Partnership Deed.
b) The firm does not have a Partnership Deed
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Answer:-
a) If the Partnership Deed provides for interest to be charged on drawings from the partners, it is charged at the rate of interest stated in the Partnership Deed.
b) If firm does not have a Partnership Deed, interest on drawings is not charged.
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