4 :- Barun, Tarun, and Shivam are partners in a firm and do not have a partnership Deed. Barun introduced further capital of Rs 5,00,000 on 1st October 2024. Whereas Shivam took a loan of Rs 50,000 from the firm on 1st October 2024. Disputes have arisen among them on the following:
a) Barun demands interest @ 10% p.a. on Rs 5,00,000 being his extra capital.
b) Tarun desires that his son Deep should be admitted as a partner and he will give him half of his share. Barun and Shivam do not agree.
c) Barun and Tarun are of the view that Shivam should be charged interest on loans from the firm at the lending rate of the banks, which is 12% p.a.
d) Tarun has withdrawn Rs 50,000 from the firm for his personal use. Barun and Shivam are of the view that Tarun should be charged interest @ 10% p.a.
Give a Solution to each issue of dispute.
Solution :- In the absence of partnership deed, provision of Indian Partnership 1932 are applied.
(a) No interest on additional capital will be provided.
(b) Tarun’s son Deep could not be a partner in the firm as to admit a new partner, consent of all the partners is mus
(c) No interest will be charged by Shivam on the loan taken by him from the firm.
(d) No interest on drawings would be charged.