Discuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.

Explanation

Even if there's no partnership deed, the subsequent provisions shall still apply:


Partners share profits and losses equally even though they contribute capital in numerous amounts.


Every partner has right to participate within the conduct of the business and to access the books, accounts and alternative documents.


Partners aren't entitled to interest on capital and to draw any earnings for the work done.


Partners area unit allowed to receive interest on any loan advanced by them @ 6%p.a.
No interest is to be charged on drawings.