X and Y are partners in the firm. State which of the following claim is valid if the partnership agreement is silent in the following matters:
1. X wants monthly remuneration of Rs. 50,000.
2. Y claims Interest on loan @ 9%.
3. X wants interest on capital @ 6%.
4. X has contributed Rs. 50,000 and Y Rs. 80,000 as capital. X claims equal share in profits.
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → X has contributed Rs. 50,000 and Y Rs. 80,000 as capital. X claims equal share in profits.
Where the partnership deed is silent, the provisions of the Indian Partnership Act, 1932 fill the gap, so each claim is tested against what the Act allows.
Option (1) X wants monthly remuneration of Rs. 50,000. — Incorrect. No partner is entitled to a salary or other remuneration for working in the firm unless the deed provides for it. A silent deed gives X no salary at all.
Option (2) Y claims Interest on loan @ 9%. — Incorrect. Y is entitled to interest on the loan he advanced, but the Act fixes it at 6% per annum. A claim at 9% goes beyond what the Act allows.
Option (3) X wants interest on capital @ 6%. — Incorrect. Interest on capital is payable only when the partners expressly agree to it. With a silent deed no interest on capital is allowed; the 6% rate belongs to a partner’s loan, not to capital.
Option (4) X has contributed Rs. 50,000 and Y Rs. 80,000 as capital. X claims equal share in profits. — Correct. Under a silent deed profits and losses are shared equally, whatever each partner’s capital. X brought in less than Y, yet his claim to an equal share is valid.
NCERT (2026-27 edition): |