Question

Hemant and deepak are partner in a firm having no partnership agreement the profit for the year was ru 14200.hamant claimed interest @12%p.a on the loan of ru 70000 given to the firm. Calculation the share of hemant and deepak is the profit of the firm

Answer 1

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Interest will paid at 6% as (i.e 4200) as there is no partnership agreement. Hemant and Deepak would get Rs 5000 each...