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Accounting for Partnership Firms: Fundamentals 2.5, , 2.4 PROVISIONS IN ABSENCE OF A PARTNERSHIP DEED, , If there is no Partnership Deed or when deed is silent in respect of the following matters then, sida of the “Indian Partnership Act, 1932” will apply:, , Provisions of the Indian Partnership Act, 1932, , , , , , , , , , a . Proftt-Sharing Ratio Profit and Losses are to be shared Equally. me apt? :, 2. Interest on Capital No Interest on capital to be allowed., 3. Interest on Drawings No Interest on drawings to be charged., , , , 4, Interest on Loan Itis payable @ 6% per annum even if there | are losses., , §. Salary/Commission to a partner | No Salary/commission is to be paid to any partner for taking part, in the conduct of business., , Note: /t must be noted that these provisions are applicable only when partnership deed is silent and, there is a dispute on any point. If, however, partners agree on any point, then the above rules are not, applicable and terms decided upon by all the partners shall be considered.