Following differences have arisen among P, Q and R. State who is correct in each case:
(a) P used ₹ 20,000 belonging to the firm and made a profit of ₹ 5,000. Q and R want the amount to be given to the firm?
(b) Q used ₹ 5,000 belonging to the firm and suffered a loss of ₹ 1000. He wants the firm to bear the loss?
(c) P and Q want to purchase goods from a Ltd., R does not agree
(d) Q and R want to admit C as partner, P does not agree?
Answers
Answer:
a. Q and R are correct.
b. Q is not correct.
c. R is incorrect in this case.
d. C would not be permitted to be the partner.
Explanation:
1. The amount Rs. 20,000 belongs to the firm, so P (being an agent) is liable to pay this amount to the firm along with the profit of Rs. 5000. As per the rule, any profit that is earned by an agent using the firm’s amount, belongs to the firm. So, Q and R are correct in asking P to pay the amount.
2. Q should pay the loss to the firm and firm would not bear this loss. According to Partner’s Act, in case there is any loss and firm’s money has been used, then he is liable to pay that amount.
3. According to the Partner’s Act, 1932, one partner can buy and sell goods even without consulting the other partner. So, P and Q can buy goods from a Ltd. Company. R not agreeing is incorrect.
4. C cannot be taken as a partner as P doesn’t agree. So, Q and R are incorrect in this case as all the partners should agree for inclusion of other partner.
Answer:
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