x and y together buy a car at rs 2,50,000 and sells it at rs 3,00,000 at the time of purchase if the ratio of capital of x and y is 2:3 then find the profit share of y
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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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