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(iv) Ambrish has withdrawn ` 10,000 from the firm for his personal use.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.
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(i) Interest on Capital isn't be provided as their no partnership deed(As per partnership act 1932 u/s 13(a).
(ii) Salary can't be provided as per u/s 13(c) of partnership act 1932.
(iii) Interest on Charu's loan will be provided but in 6% pa rate as per u/s 13(d) of partnership act 1932.
(iv) Partners can't charge interest on Drawings as there's no partnership deed u/s 13(e).
(v) The distributable profit(₹50,000-₹1,500)=48,500 will distributed equally among partners as there's no partnership deed u/s 13(b).
Explanation:
Interest on Charu's loan =
₹50,000 × 6/100 × 6/12 = ₹1,500.
Share of profit of each partner =
₹48,500/3 = ₹16,167(Approx)
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