Pranaya And Gunakshi are partners . But do not have any partnership deed. there is dispute between the two on the following points . how will you deal with them?
1. Pranaya Started giving all full time to the business while Gunakshi comes once in a week .Pranaya demands salary @ Rs 6,000 per month.
2.Gunakshi gave to the firm Rs 60,000 as a loan and wants intrest on the amount @18 % pa . Which is the market rate of interest ?
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In the absence of Partnership Deed, provisions of the Indian Partnership Act, 1932 shall apply to settle the disputes:
(i) Salary is not payable to any partner. Therefore, X is not entitled to any salary.
(ii) Interest on capital is not payable to any partner in the absence of Partnership Deed. Therefore, X and Y will not get interest on their capitals. Interest on loan is payable @ 6%p.a. Thus, X will get interest on loan @ 6%p.a.
(iii) A person cannot be introduced as partner without the consent of all the partners. Therefore, Z cannot be admitted into partnership because Y objects to it.
(iv) Profits shall be shared equally between X and Y after deducting interest on loan of X @ 6% p.a. on Rs.10,000.
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