X and Y are partners in a firm. They do not have any partnership deed. What should be done in the following cases:-

(a) X has invested ₹ 10,00,000 and Y only ₹ 5,00,000 as capital. X wants interest on capital @ 8% p.a.

(b) X spends twice the time that Y devotes to the business. He wants a salary of ₹ 10,000 per month for the extra time spent by him.

(c) X wants to introduce his son Rajesh into the business for 25% share to be given out of his share of profits. Y objects it.

(d) X has advanced a loan of ₹ 2,00,000 to the firm. He claims interest @ 9% p.a.

(e) Y withdraws ₹ 10,000 per month from the firm for his personal use. X claims that interest on drawings @ 12% p.a be charged from Y.

Anurag Pathak Answered question May 23, 2024
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