Pg no. On 1st April, 2020, X, Y and Z enter into partnership introducing capital of ₹80,000, ₹50,000 and ₹50,000 respectively. They agree to share Profits and Losses equally. At the end of the accounting year on 31st March, 2021, X claims that he be paid interest on his additional Capital of ₹30,000 @ 10% per annum, while Z demands salary of ₹600 per month for the extra hours devoted by him daily at the shop. The partnership deed is silent on these matters. Decide the matters with reasons. Question 4
Appears in 2 contracts
Sources: Partnership Agreement, Partnership Agreement