3 :- Following differences have arisen among P, Q and R. State who is correct in each case:
(a) P used Rs 50,000 belonging to the firm and earned a profit of Rs 5,000. Q and R want the amount to be given to the firm.
(b) Q used Rs 10,000 belonging to the firm and incurred a loss of Rs 1,000. He wants the firm to bear the loss.
(c) P and Q want to purchase goods from Star Ltd, R does not agree.
(d) Q and R want to admit W as a partner, P does not agree.
(e) R had given loan of Rs 2,00,000 to the firm and demands interest @10% p.a. P and Q do not want to pay the interest.
Solution :-
(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 Rs 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 Rs 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, R will not receive 10% interest on loan given by him but he will be given interest @ 6% p.a.