Question

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How are the provisions of Indian Partnership Act, 1932 deal with in the absence of a partnership deed:

1. Sharing of profit and loss
2. Interest of capital
3. Interest on drawings
4. Interest on advance or loan by partner
5. Remunerations to partner
6. Admission of partner



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Answer 1

Explanation:

Interest on Capital: When there is absence of partnership deed or the partnership deed is silent on the issue related to interest on partner's capital, then according to the Partnership Act 1932, no interest on partners' capital will be provided. ... no partner will be entitled to any salary

Answer 2

Answer:

In the absence of a Partnership Deed,

3. Interest on Partner's drawings is not allowed.

4. If the partner advances any loan towards the firm, he is entitled to an interest of 6 percent even if the firm is incurring losses.

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