Question

Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of Rs.3, 00,000, Rs2, 00,000 and Rs 1, 00,000 respectively. In addition to capital Chandra has advanced a loan of Rs1, 00,000. Since they had no agreement to guide them, they faced following issues during and at the end of the year.
Ajay wanted interest on capital to be provided @8% p.a. but Binod and Chandra did not agree.
Chandra wanted that interest on loan be paid to him @ 10% p.a. but Ajay and Binod wanted to pay @ 5% pa.
Ajay and Binod demanded to share profits in the ratio of their capital contribution; Chandra is not in agreement with this proposal.
Binod, being working partner, demands a lump sum payment of Rs 40,000 as remuneration for which others partners are not in agreement.
You are required to suggest and help them resolve these issues.​

Answer 1

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