Question

12. Hemant and Deepak are partners in a firm having no
partnership agreement. The profit for the year was
14,200. Hemant claimed interest @ 12% p.a. on the
loan of 70,000 given to the firm. Calculate the share
of Hemant and Deepak is the profit of the firm :​

Answer 1

Answer:

they both get equal share of profit as there is no partnership agreement.

And for loan the applicable interest rate is 6% rate is applicable