Partnership Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 121:

• JAMB 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

A. 20%
B. 5%
C. 10%
D. 15%

Question 122:

• JAMB 2021

The interest on partner's loan is

A. Credited in current account
B. Debited in profit and loss account
C. Credited in profit and loss account
D. Debited in current account