Solution
| Items (Points) | Provision in the Absence of Partnership Deed | |
| (a) | Salaries of Partners | No Salary will be allowed to Partners. |
| (b) | Interest on Partners’ Capitals | No interest will be allowed to Partners on Capital |
| (c) | Interest on Partners’ Loan | 6% p.a. Interest will be allowed on the amount given by partners in the form of Loans and Advances to firm. |
| (d) | Division of Profit | Profits will be shared equally; it is irrespective the amount of capital contributed by partners |
| (e) | Interest on Partners’ Drawings | No Interest will be charged on the Drawings of Partners |
| (F) | Interest on loan by partner | Allowed @ 6% p.a. to partners |
| (g) | Interest on loan to partner | Not charged from partner |