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:
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:
a) Mahesh wants that interest on capital should be allowed to the partners but Ramesh and Suresh do not agree.
b) Ramesh wants that the partners should be allowed to draw salaries but Mahesh and Suresh do not agree.
C) Mahesh and Ramesh want that Suresh should pay interest on the loan given to him by the firm but Suresh does not agree.
d) Mahesh and Ramesh having contributed larger amounts of capital, desire that the profits should be distributed in the ratio of their capital contribution but Suresh does not agree.
State how will these disputes be settled.
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Solution:-
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a) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932 would apply. no interest on the partner’s capital would be allowed. Ramesh and Suresh both are correct.
b) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932 would apply. no salary would be allowed to partners. Mahesh and Suresh are correct.
c) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932 would apply. No interest on a loan to a partner by the firm is charged. Mahesh and Ramesh are incorrect.
d) In the absence of a partnership deed. provisions of the Indian Partnership Act 1932 would apply. The profit-sharing ratio would be equal (1:1:1). Mahesh and Suresh are incorrect.
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