WAEC Financial Accounting 1994 Question 29

Which of the following is not true of a partnership business without written agreement?

1. A.Profit and Losses will be shared equally
2. B.Interest not to be paid on capital
3. C.Interest on drawings is to be at the rate of 5% per annum
4. D.salaries are not allowed to partners
5. E.Money in excess of capital agreed to subscribe is to attract an interest of 5% per annum.