(i) Profits and looses will be shared unequally. (ii) Interest is not allowed on capital....
FINANCIAL
JAMB 2007
(i) Profits and looses will be shared unequally. (ii) Interest is not allowed on capital. (iii) Salaries are not allowed. (iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
- A. i only
- B. i, ii and iii
- C. i, ii and iv
- D. ii and iii
Correct Answer: C. i, ii and iv
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