Question

(Absence of Partnership Deed) X and Y and Partners in a firm. They do not have any
agreement. Suggest what should be done in the following cases :
(a) X works excessively and claimed salary of 5,000 p.m.
(b) Y advanced loan 40,000 to the firm and claimed interest @ 8% p.a.
(c) Profit of the firm 60,000 X and Y claimed this profit in 2: 3 ratio.
(d) Y claims 5% commission on sales of 5,00,000 which he has done through his efforts.
(Absence of Partnership Deed) X and Y are partners. They do not have any partnership​

Answer 1

Answer:

a) no salary to the partner

b) interest on loan will be provided 6%

c) the profit will be shared equally among them

d)no commission will be provided