Flashcards
SECTION 24 - PARTNERSHIP ACT 1890
Flashcards do conjunto (1)
- 1Section 24 Partnership Act 1890This applies when no partnership agreement is in place.
Accounting Section
- No interest is paid on capital of the partners.
- No remuneration is paid to partners for acting in the business.
- Profits and losses to be shared equally.
- Interest at the rate for 5% per annum paid on loans made by partners to the partnership in excess of their agreed capitals.
- The above rules only apply in the absence of a specific agreement between the partners.
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- Descrição
- ACCA CAP1 FINANCIAL ACCOUNTING (Session 7: Introduction to Partnerships) FlashCards sobre SECTION 24 - PARTNERSHIP ACT 1890, criado por Jane Pollock em 01-05-2024.
- Criado por
- Jane Pollock
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