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16. Which of the following is not incorporated in the Partnership Act? UE
(A) profit and loss are to be shared equally
(B) no interest is to be charged on capital
(C) all loans are to be charged interest @6% p.a.
(D) all drawings are to be charged interest

17. When is the Partnership Act enforced?
(A) when there is no partnership deed
(B) where there is a partnership deed but there are differences of opinion
between the partners
(C) when capital contribution by the partners varies AE
(D) when the partner’s salary and interest on capital are not incorporated in
the partnership deed

18. In the absence of Partnership Deed, the interest is allowed on partner’s
capital: (CPT; June 2011)
(A) @ 5% p.a.
(B) @ 6% p.a.
(C) @ 12% p.a. AH
(D) No interest is allowed

19. In the absence of a partnership deed, the allowable rate of interest on
partner’s loan account will be :
(A) 6% Simple Interest
(B) 6% p.a. Simple Interest
(C) 12% Simple Interest CA
(D) 12% Compounded Annually

20. A and B are partners in partnership firm without any agreement. A has
given a loan of ₹50,000 to the firm. At the end of year loss was incurred in
the business. Following interest may be paid to A by the firm :
(A) @5% Per Annum
(B) @ 6% Per Annum AE
(C) @ 6% Per Month
(D) As there is a loss in the business, interest can’t be paid