Question

Discuss the main provisions of the Indian Partnership
Act, 1932 that are relevant to Partnership accounts if
there is no Partnership Deed.​

Answer 1

Answer:

Even if there is no share profits and losses equally even if they conpartnership deed,the following provisions shall still apply:-

1. Partners capital in different amounts.

2.Every partner has right to participate in the conduct of the business and to access the books,accounts and other documents.

3.Partners are not entitled to interest on capital and to draw any salary for the work done.

4.Partners are allowed to receive interest on any loan advanced by them @ 6%p.a.

5.No interest is to be charged on drawings.