X and Y started a business on 1st April,2019 by contributing Rs.5,00,000 and Rs.
2,50,000 respectively as capital. On 1st July,2019, X gave loan to the firm of
Rs.2,00,000. Y alone was looking after the business of the firm. During the year
ended 31st March,2020, the firm earned a net profit of Rs.4,09,000. There was no
Partners agreement- oral or written. At the time of distribution of profit:
X Claims : (i) Interest to be given on capital and loan @12% p.a ; and
(ii) The profit should be distributed in the capital ratio.
Y Claims : (i) Salary of Rs. 10,000 p.m for his service and
(ii) Interest on capital and loan should be given @8% p.a only.
How will be the dispute settled?
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How will be the dispute settled?
↪️Answer
✔️Methods of Dispute Resolution. Many ways exist to resolve legal conflicts, including going to court.
✔️Methods of Dispute Resolution Judicial Trial. A trial is a judicial proceeding that takes place in court.
✔️Administrative Agency Hearings.
✔️Negotiation.
✔️Arbitration.
✔️Mediation.
✔️Summary Jury Trial.
✔️Mini Trial.
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