Financial and Management Accounting

1: Which of the following statements are appropriate in respect of partnership accounts? 1. In the absence of any provision in the partnership agreement to the contrary, partners can charge interest as 6% per annum on loans given by them to the partnership firm. 2. An ordinary partnership firm can have not more than 50 partners. 3. A banking partnership firm cannot have more than 10 partnership. 4. In the absence of any provision in the partnership agreement to the contrary, profits and losses are shared by the partners in the ratio of their capitals. Select the correct answer using the codes given below: