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.

Anurag Pathak Changed status to publish April 12, 2023