Barun, Tarun, and Shivam are partners in a firm and do not have a partnership Deed. Barun introduced further capital of ₹ 5,00,000 on 1st October 2022. Whereas Shivam took a loan of ₹ 50,000 from the firm on 1st October 2022. Disputes have arisen among them on the following:
Barun, Tarun, and Shivam are partners in a firm and do not have a partnership Deed. Barun introduced further capital of ₹ 5,00,000 on 1st October 2022. Whereas Shivam took a loan of ₹ 50,000 from the firm on 1st October 2022. Disputes have arisen among them on the following:
a) Barun demands interest @ 10% p.a. on ₹ 5,00,000 being his extra capital.
b) Tarun desires that his son Deep should be admitted as a partner and he
will give him half of his share. Barun and Shivam do not agree.
c) Barun and Tarun are of the view that Shivam should be charged interest
on loans from the firm at the lending rate of the banks, which is 12% p.a.
d) Tarun has withdrawn ₹ 50,000 from the firm for his personal use. Barun and Shivam are of the view that Tarun should be charged interest @ 10% p.a.
Give a Solution to each issue of dispute.
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Solution:-
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a) In the case of the absence of a Partnership deed. Provisions of the Indian partnership Act 1932 would apply. No interest on capital would be allowed.
b) In the case of the absence of a partnership deed. Provisions of the Indian Partnership Act 1932 would apply. Tarun’s son Deep would not be admitted. as all partners do not agree.
c) In the case of the absence of a Partnership deed. Provisions of the Indian partnership Act 1932 would apply. No interest on a loan to Shivam from the firm is charged
d) In the case of absence of partnership dee. Provisions of the Indian Partnership Act 1932 would apply. No interest on drawing would be charged
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