Mahesh, Ramesh, and Suresh are partners in a firm. They do not have a Partnership Deed. At the end of the first year of the Business, they faced the following problems:
Here is the solution to it. a) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932 would apply. no interest in the partner’s capital would be allowed. Ramesh and Suresh both are correct. b) In…