Question

Atal and lal are partners in a firm , they do not have partnership Deed ,what shall be the position in the following cases ?
(i) atal devotes more time than Lal in the business Atal demands a salary of Rs. 6,000 per month for it
(ii) Lal has invested capital of Rs.50.000 whereas atal has invested Rs. 5.000 as capital Atal however has advanacaed Rs. 10.000 as loan to the ,what interest to his if any will be allowed to Atal and Lal?
(iii ) Atal wants to introduce his son inder as partner .Lal objects to his proposal .
(iv) Lal Wants that profit should be distributed in the ratio of their capitals but Atal wants that it should be distributed equally .

Answer 1

In the absence of partnership Deed , provisions of the indian partnership At 1932 shall apply to settle the disputes :
(i) Salary is not payable to any parther , therefore Atal , will not get salary .
(ii) interest on capital is not payable to any parther in the absence of parthership Deed therfore Atal and Lal will not get interest on their capitals . Interest on loan is payable @ 6 % p.a thus Atal will not get interest on loan @ 6 % p.a
(iii) A person cannot be introduced as pather without the consent of all partners . therfore , inder cannot be admitted into pernership because Lal objects to it .
(iv) Profits shall be shared equally between Atal and Lal after deducting interest on loan Of atal @ 6 % p.a on Rs. 10.000.