Question

Ambrish, Lalit and Charu are partners in a firm without a Partnership Deed.

(i) Ambrish, has contributed more capital than other partners and demands interest on

capital at 10% p.a. But Lalit and Charu do not agree with him.

(ii) Lalit devotes full time in the business and demands a salary of ` 5,000 p.m. But Ambrish

and Charu do not agree with him.

(iii) Charu demands interest on the loan of ` 50,000 given by her at the market rate of

interest, i.e., @ 12% p.a.

(iv) Ambrish has withdrawn ` 10,000 from the firm for his personal use. Lalit and Charu

demand that interest on drawings should be charged @ 10% per annum.

(v) Profit before taking into account any of the above claims was ` 50,000 at the end of

the first year of the business. Ambrish demands share of profit in the capital ratio.​

Answer 1

Explanation:

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