1. CPTSuccess Revision Notes – Fundamentals of Accounting Chapter 8. Partnership Unit 1: Introduction to Partnership accounts

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 Accounting CPTSuccess www.cptsuccess.com

10. CPTSuccess