Mohan and Shyam are partners in a firm. Which statement among the below can be claimed valid if the Partnership Agreement is silent regarding the same.

Mohan contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants an equal share in profits.

The correct answer is Option (3) → Mohan contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants an equal share in profits.

The statement 'Mohan contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants an equal share in profits' can be claimed valid if the Partnership Agreement is silent regarding the same as in the absence of partnership deed profit are shared equally.

OTHER OPTIONS

• Mohan is an active partner. He wants a salary of Rs. 10,000 per year- This can't be valid as no salary is provided to any partner in the absence of partnership deed.

• Shyam had advanced a loan to the firm. He claims interest of @ 10% per annum-  This can't be valid as 6% p.a. interest is provided on loan amount not 10% p.a. in the absence of partnership deed.
• Shyam wants interest on capital to be credited @ 6% per annum- This can't be valid as no interest on capital is provided to any partner in the absence of partnership deed. 

If there is no clause in the partnership deed of the partnership firm then the provisions of the Partnership Act, 1932 will be applicable. Some of the provisions are:
a) Profit Sharing Ratio: In the absence of a specified profit sharing ratio in the partnership deed, the profits and losses of the firm will be divided equally among the partners, regardless of their individual capital contributions.
b) Interest on Capital: Unless explicitly stated in the partnership agreement, partners do not have the right to claim interest on the capital they have invested in the firm.
c) Interest on Drawings: If the partnership deed does not mention anything about charging interest on drawings made by partners, no interest will be levied on such withdrawals.
d) Interest on Loan: If a partner has provided a loan to the partnership for business purposes, they are entitled to receive interest on the loan amount at a rate of 6 percent per annum.
e) Remuneration for Firm’s Work: No partner is entitled to get salary or other remuneration for taking part in the conduct of the business of the firm unless there is a provision for the same in the Partnership Deed.