The following difference has arisen among P, Q, and R. State who is correct in each case:

Solution:- Here is the solution of it. a) If any partner uses the money of the firm and earned a profit. He has to pay back the used money with profit. hence, p has to back ₹ 55,000 to the firm. b) If any partner uses the firm money and incurred a loss. He has to bear the loss and the full amount of money taken by the partner has to return back the firm. hence Q has to pay ₹ 10,000 to the firm. c) any business decision is decided by the majority. Hence P and Q want to purchase goods from star Ltd is accepted as there are only 3 partners and the majority win. d) W as a partner can not be admitted as to admit a new partner, all partners must agree. e) In the absence of a partnership deed. Provisions of the Indian Partnership Act 1932 would apply. Only a 6% p.a rate of interest on the loan of partners to the firm would be charged. Hence. In the place of 10% p.a, only a 6% p.a rate of interest would be charged.