In the absence of an agreement, partners are entitled to:

i) Profit share in capital ratio.
ii) Commission for making additional sale.
iii) Interest on Loan & Advances by them to the firm.
iv) Salary for working extra hours.
v) Interest on Capital.

Choose the correct option:

a) Only i), iv) and v).
b) Only ii) and iii).
c) Only iii).
d) Only i) and iii)

Solution

c). Only (iii)