Partner ship accounts problems
Suppose A and B are the partners . They do not have any partnership agreement . How will you solve the following disputes among them ?
a) A spent twice the time that B devoted to business .A claims that he should get a salary of Rs. 3000 per month for extra time spent Ans. No Salary will be given in the absence of any agreement .
b)B has provided a capital of Rs. 50000 where as A has provided only Rs. 10000 as capital . A however has provided Rs. 20000 as loan to firm . What interest if any will be given to A and B ?Ans. Only interest on loan @6% will be given
c) A wants to introduce his son Sunil into his business . B objects to it .
Ans. No new partner will be admitted
d) B wants that profit should be distributed in ratio of capital but A wants that it should be distributed equally
Ans.Profit should be shared equally in the absence of any agreement
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