passwella.
Menu

WAEC Financial Accounting 2015 Question 36

Question 36

Partnership Accounts

In which of the following is not stated in the partnership agreement?

  1. A.Profit sharing ratio.
  2. B.Interest on capital.
  3. C.Interest on fixed asset.
  4. D.Purpose of partnership.
Show the answer and explanation

Answer: C (Interest on fixed asset.)

Explanation

A partnership deed covers the profit sharing ratio, interest on capital and the purpose of the firm; 'interest on fixed asset' is not a partnership term.