interest on capital.
This query is : Resolved
12 May 2009
i observe on partnership deed that partners of the firm mutually agrees to pay interest on capital @12% from 1.4.05.
now if some one of the partner withdraw more than its capital than is he is liable to pay interest on drawings.
now if some one of the partner withdraw more than its capital than is he is liable to pay interest on drawings.
CA Tilak Raj Sharma
(Expert)
12 May 2009
Only if there was a provision in the deed for the same.
Manmohan ACA, CS
(Expert)
13 May 2009
No , since there is no mentioning in the deed about the interest of drawing ( i.e. excess drawing will be termed as interest on drawing and charged @...% clause is missing)
no intt. on drawing.
no intt. on drawing.
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