WAEC Accounting 2016 Objective — Question 31
Question 31 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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31. In the absence of a partnership agreement, additional capital contributions by partners attract interest of A. 5% B. 10% C. 12% D. 15%
- A. 5%Correct
- B. 10%
- C. 12%
- D. 15%
Explanation
When there is no partnership deed, any partner who applies additional capital will attract 5% interest per annum.
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