JAMB Accounting 2011 Objective — Question 38

Question 38 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

The major point of agreement carried by the partnership deed is

A. A. 5% interest per annum on any loan
B. B. an oral agreement among the partners
C. C. method of inheritance by the partners' children
D. D. the profit and loss sharing ratio of the partnersCorrect

Explanation

The ratio for sharing profit and loss is the major agreement of any partnership business, as set out in the partnership deed.

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