In the absence of Partnership deed, specify the rules relating to the following :
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.

Explanation

(i) Sharing of Profits and Losses:
within the absence of partnership deed part magnitude relation among the partners are going to be equal.



(ii) Interest on Partner's Capital:
within the absence of partnership deed interest on partner's capital won't run.



(iii) Interest on Partner's Drawings:
within the absence of partnership deed no interest are going to be charged on partner's drawings.



(iv) Interest on Partner's Loan:
within the absence of partnership deed if partner provides any loan to the firm he/she are going to be entitled to induce a set proportion of interest on such loan @ 6 June 1944 once a year



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