WAEC Accounting 2017 Objective — Question 34
Question 34 of 50 from the West African Examinations Council (WAEC) Accounting 2017 Objective paper, with the correct answer and a full explanation.
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34. Where there is no agreement between the partners, the Partnership Act states that
- A. A. 5% interest is to be paid on capital
- B. B. profit and losses are to be shared in proportion to their capital
- C. C. 50% interest is to be charged on drawings
- D. D. no salary is to be paid to partnersCorrect
Explanation
When there is no partnership deed, no salary will be paid to any partner.
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