Malik, Asif and Sohail are partners in a firm carrying on dairy business and sharing the profit or loss equally. Malik has recently started a poultry business in the same vicinity for which he has applied for a loan from a bank. As a security of the loan, he offered the bank to create charge over the book debts of the poultry business together with his interest in the dairy business. Under the provisions of the Partnership Act, 1932 describe the bank’s rights and limitations in the dairy business. (05) (b) Tahira, Farhana and Sadia are partners in a bridal boutique situated in the local market. Sadia also owns a jewellery shop in the same market. The shop is managed by her brother, Wasi. Tahira and Farhana were not aware of Sadia’s interest in the jewellery shop. Most of the clients from the bridal boutique buy jewellery sets from Sadia’s shop. During the year, Sadia earned a hefty profit of Rs. 10 million from the jewellery business. Upon knowing the fact of Sadia’s interest in the jewellery shop, both Tahira and Farhana demanded Sadia to share her profits equally with them. Under the provisions of the Partnership Act, 1932 explain whether Tahira and Farhana are justified in their demand
Malik, Asif and Sohail are partners in a firm carrying on dairy business and sharing
the profit or loss equally. Malik has recently started a poultry business in the same
vicinity for which he has applied for a loan from a bank. As a security of the loan, he
offered the bank to create charge over the book debts of the poultry business together
with his interest in the dairy business.
Under the provisions of the
limitations in the dairy business. (05)
(b) Tahira, Farhana and Sadia are partners in a bridal boutique situated in the local
market. Sadia also owns a jewellery shop in the same market. The shop is managed
by her brother, Wasi. Tahira and Farhana were not aware of Sadia’s interest in the
jewellery shop. Most of the clients from the bridal boutique buy jewellery sets from
Sadia’s shop. During the year, Sadia earned a hefty profit of Rs. 10 million from the
jewellery business.
Upon knowing the fact of Sadia’s interest in the jewellery shop, both Tahira and
Farhana demanded Sadia to share her profits equally with them.
Under the provisions of the Partnership Act, 1932 explain whether Tahira and
Farhana are justified in their demand
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