Question

Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of `3,00,000,

`2,00,000 and `1,00,000 respectively. In addition to capital Chandra has advanced a loan of

`1,00,000. Since they had no agreement to guide them, they faced following issues during and at the

end of the year.

1. Ajay wanted interest on capital to be provided @8% pa but Binod and Chandra did not agree.

2. Chandra wanted that interest on loan be paid to him @ 10% pa but Ajay and Binod wanted to pay

@ 5% pa.

3. Ajay and Binod demanded to share profits in the ratio of their capital contribution, Chandra is not

in agreement with this proposal.

4. Binod, being working partner, demands a lump sum payment of `40,000 as remuneration for

which other others partners are not in agreement.

You are required to suggest and help them resolve these issues.​

Answer 1

Answer:

I've can't understand the question

Answer 2

Partnership deed

Explanation:

1. In the absence of Partnership deed, the provisions of partnership act 1932 will apply according to which no interest on capital is payable.  

2. In the absence of partnership deed, the provisions of partnership act 1932 will apply according to which interest on loan by partner will be paid @6% pa.  

3. In the absence of partnership deed, the provisions of partnership act 1932 will apply according to which profits will be shared equally.

4. In the absence of partnership deed, the provisions of partnership act 1932 will be applicable according to which no salary/remuneration is payable to any partner.