Ajay, Binod and Chandra entered into partnership on 1st April 2019 with capital of ₹3,00,000, ₹2,00,000 and ₹1,00,000 respectively. In addition to capital Chandra has advanced a loan of ₹1,00,000. Since they had no agreement to guide them, they faced following issues during and at the end of the year.
- Ajay wanted interest on capital to be provided @8% pa but Binod and Chandra did not agree.
- Chandra wanted that interest on loan be paid to him @ 10% pa but Ajay and Binod wanted to pay @ 5% pa.
- Ajay and Binod demanded to share profits in the ratio of their capital contribution, Chandra is not in agreement with this proposal.
- Binod, being working partner, demands a lump sum payment of ₹40,000 as remuneration for which other others partners are not in agreement.
You are required to suggest and help them resolve these issues.