Accountancy

SOLUTION  Interest cannot be charged.

SOLUTION He cannot claim any interest.

SOLUTION No. He can get only 6% p.a. interest.

SOLUTION No, Ramesh’s claim is not valid as in the absence of partnership deed, profit are to be shared equally.

SOLUTION K cannot become the partner of the firm. Reason: According to Indian Partnership Act, 1932, a person can be admitted as a new partner only with the consent of…

SOLUTION Amita is not entitled for the salary.Reason: In the absence of the partnership deed or partnership deed is silent on payment of salary to partners, a partner is not…

SOLUTION Since they have no partnership agreement, profits will be shared equally.

SOLUTION No. Every partner is entitled to participate in the conduct of the affairs of the firm.

SOLUTION No. They become the joint owners of the property and not the partners. However, it they are in the business of purchase and sale of land in order to…