2. Mahesh, Ramesh and Suresh are partners in a firm. They do not have a Partnership Deed. At the end of the
first year of the business, they faced the following problems:
(a) Mahesh wants that interest on capital should be allowed to the partners but Ramesh and Suresh do
not agree.
(b) Ramesh wants that the partners should be allowed to draw salary but Mahesh and Suresh do
not agree.
(c) Mahesh and Ramesh want that Suresh should pay interest on loan given to him by the firm but Suresh
does not agree.
(d) Mahesh and Ramesh having contributed larger amounts of capital, desire that the profits should be
distributed in the ratio of their capital contribution but Suresh does not agree.
State how you will settle these disputes if the partners approach you for the purpose.
Answers
Answered by
9
Answer:
'c's answer is Mahesh and ramesh claim is not accepted suresh wil not pay interest in the absence of agreement.
Answered by
3
Answer:
In the absence of partnership deed, the profit and losses are shared equally among all the partners.
Explanation:
Due to absence of partnership deed ,the clauses of Indian Partnership Act,1932 will be considered.
In case partners do not have a partnership deed, the subsequent guidelines will apply:
- The partners will percentage profit and losses equally.
- Partners will not get a salary.
- Interest on capital is not be payable.
- Drawings is not chargeable.
- Partners gets 6% p.a. interest on loans in the event that the partners agree.
As per the clauses of Indian Partnership Act, 1932 the partners will share profits and losses equally.
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