1. CPTSuccessRevision Notes – Fundamentals of AccountingChapter 8. PartnershipUnit 1: Introduction to Partnership accounts

2. Chapter 8. PartnershipUnit 1: Introduction to Partnership accountsPartnership is “the relationship between persons who have agreed to share the profits/losses of a business carried on by all or any of them acting for all”

3. A partner acts as an agent of the firm

4. In the absence of an agreement or partnership deed,

5. Partners are entitled to interest on loans and advances provided by them to the firm @ 6% p.a. simple interest as per Indian Partnership Act

6. No partner has the right to salary

7. No interest is allowed on capital

8. No interest is to be charged on drawings

9. Profits and losses are to be shared equally©Revision Notes - Fundamentals of AccountingCPTSuccesswww.cptsuccess.com

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