Firoz and Shahin are partners in a firm. The firm did not have any par

1.	Firoz and Shahin are partners in a firm. The firm did not have any partnership deed. Specify how the following situations are treated.a) Sharing of profit and losses. b) Interest on advance given by Firoz to the firm.
Answer» a) Profits and losses are to be shared equally among partners. b) Firoz is entitled to get an interest of 6% p.a.

Firoz and Shahin are partners in a firm. The firm did not have any partnership deed. Specify how the following situations are treated.a) Sharing of profit and losses. b) Interest on advance given by Firoz to the firm.

Answer»

a) Profits and losses are to be shared equally among partners.

b) Firoz is entitled to get an interest of 6% p.a.