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What are naked debentures, and what is the interest rate on drawings in the absence of an agreement? Also, calculate the manager's commission.
Accounting
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Here are the solutions to the multiple-choice questions:
(xii) The debentures which do not carry any charge on the assets of the company are called:
- A. Naked debentures
- Explanation: Naked debentures are unsecured debentures that do not have any specific charge on the assets of the company.
(xiii) In the absence of an agreement, interest on drawings is to be charged by the firm at the rate of:
- D. None of these
- Explanation: In the absence of a partnership agreement, no interest is charged on drawings.
**(xiv) Suppose the profit of partnership before charging Manager's commission is Rs. 10560, then the amount of Manager's commission will be
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