[7] Whatever agreement is made by the partners for interest adjustments governs. In practice the usual procedure in a case of this kind would be to allow C interest on the $890 cash advanced by him for expenses from date of advance to date of settlement, and to charge him with interest on all moneys received by him from dates of the various sales to date of settlement. To simplify calculations, it is assumed in the illustration that C’s use of funds received from sales during the first five months approximately compensates him for the $890 advanced by him.
Transcriber’s Notes:
The cover image was created by the transcriber, and is in the public domain.
The illustrations have been moved so that they do not break up paragraphs and so that they are next to the text they illustrate.
Typographical and punctuation errors have been silently corrected.