Question

Hemant and deepak are partners in a firm having no partnership agreement the profit for the year was 14200. Hemant claimed intt @ 12%p.a on the loan 70000 given to the firm. Calculate the share of hemant and Deepak is the profit of the firm

Answer 1

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

Answer 2

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