Question

Rohit, Hardik and Vivek entered into partnership on 1st April 2019 with a capital

of ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. In addition to capital Vivek

has advanced a loan of ₹ 2,00,000. Since they had no agreement to guide them,

they faced following issues during and at the end of the year. 4

1. Rohit wanted interest on Drawings to be provided @12% p.a. but Hardik and

Vivek did not agree.

2. Vivek wanted that interest on loan be paid to him @ 9% p.a.

3. Rohit and Hardik demanded to share profits in the ratio of their capital

contribution, Vivek is not in agreement with this proposal.

4. Hardik, being working partner, demands a lump sum payment of ₹ 40,000 as

remuneration for which other others partners are not in agreement.

You are required to suggest and help them resolve these issues.​

Answer 1

Answer:

1. the claim of hardik and vivek is accepted because In absence of partnership deed no interest on drawings is charged.

2. the proposal of vivek is not accepted because in absence of partnership deed interest on loan to be paid @6%p.a. to partner.

3. vivek is right in his place because in absence of partnership deed the profit to be shared in equal ratio

4. hardik is wrong in his proposal because in absence of partnership deed no remuneration is paid to partners.