Question

Harry and Garry are parthers in a firm , they have not entered into partnership Deed but had agreed on following :
(i) salary will be paid top Harry @ Rs. 10.000 per month.
(ii) Garry will get commission @ 10% of Net profit .
(iii) interest will be charged on capitals @ 10% p.a .
(iv) Interest will be charged on drawing @ 10% p.a
(v) partner cannot be admitted without the consent of both the partners .
how will be the following disputes resolved ?
1. Garry demands to be paid salary as Harry is being paid because his commison in lower .
2. Harry demands that his son sherry be admitted as patner for 25 % share to be given out of his hare of profits to which Garry disgrees.

Answer 1

Answer:

entered into partnership Deed but had agreed on following :

(i) salary will be paid top Harry @ Rs. 10.000 per month.

(ii) Garry will get commission @ 10% of Net profit .

(iii) interest will be charged on capitals @ 10% p.a .

(iv) Interest will be charged on drawing @ 10% p.a

(v) partner cannot be admitted without the consent of both the partners .

how will be the following disputes resolved ?

1. Garry demands to be paid salary as Harry is being paid because his commison in lower .

2. Harry demands that his son sherry be admitted as patner for 25 % share to be given out of his hare of profits to which Garry disgrees.

Answer 2

Answer:

Harry and Garry are parthers in a firm , they have not entered into partnership Deed but had agreed on following :

(i) salary will be paid top Harry @ Rs. 10.000 per month.

(ii) Garry will get commission @ 10% of Net profit .

(iii) interest will be charged on capitals @ 10% p.a .

(iv) Interest will be charged on drawing @ 10% p.a

(v) partner cannot be admitted without the consent of both the partners .

how will be the following disputes resolved