mgt611, gdb #1 ....................18 january, 2018 &last date 24, january 2018

[nida umair]

Scenario

Kareem is running a tea-stall in his small village. He has placed 4 tables in his stall and each table is surrounded by 2 chairs. On a recent sunny day, 8 people – A, B, C, D, E, F, G & H gathered in his stall. While enjoying the tea, they formulated following business deals:

a) A and B agreed to contribute Rs.1 lac each to start wheat farming after 6 months.

b) C and D agrees to start a small hotel by contributing Rs.2 lac and 1 lac, they further agreed to  share the profit equally but in case of loss, it was agreed to be borne by C alone.

c) E and F decided to contribute funds to buy a “Torra” (local name of 50kg bag) of rice and then share the rice between them.

d) G and H agreed to start a school, for which the building is to be provided by the former. It was further agreed that H will share 50% of the fee collections while all the running expenses will be borne by H.

Required

Discuss with reference to related provision/s of the Partnership Act 1932 whether the mutual agreements narrated above constitute any Partnership.

 

Instructions

• Your answers should be precise and to the point.  Limit your answer to the given case only.
• Do not copy from any source, neither from a web-site nor from another student, otherwise it will be marked as Zero.

 

start discussion

[+ M.Tariq Malik]

Please Discuss here about this GDB.Thanks

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[Excuse]

Idea Solution:

Mr. B relinquishes the balance amount pending towards Mr. Shaban, a debtor of the firm.

Is issue ka matlab yehi hai na ke MR. B ne Mr. shaban jo ke debtor han firm ke un ka jo due payable amount hai wo maaf kar diya ?

Mujhe lagta hai ke MR. B baghair remaining partners ki consent liye baghair aisa nahi kar saktey hain tu q Mr. shabaan firm ke debtor hain Mr. B baghair consent liye baaki partners ki Mr. shabaan ki liability khatam nahi kar saktey . Agar agreement main likha hai ke MR. B ke paas ye ikhteyaar hai tu alag baat hai

[Excuse]

koi or bhi solutin bataye ga

[BABAR]

GDB SOLUTION 

MC160402520.docx

[Adnan Mazhar]

baba bhai ye solution thek hai kia???

[Nabeel Shahid]

Please help anybody in this GDB

[+ M.Tariq Malik]

Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

[ABDUL MUIZZ]

A) Section 7 partnership at will B) Section 8 Particular Partnership C)No Partnership D) section 8 Particular partnership

[+ M.Tariq Malik]

Partnership is a relationship between persons who have agreed to share the profit of the business carried on by all or any one of them .
Partnership has some factors like
contract
Persons
business ,
profit sharing
carried by all ore any one of them.
When all these factors completed then we can say partnership according to partnership act 1932.
Cases.
(a)A and B agreed to start farming but it not fulfill the partnership conditions like profit sharing etc
(b)C and D have partnership .because their deal complete all partnership factors .Loss is not mentioned in partnership act but partners can add in partnership deed by mutual agreement.
(c)E and F have no partnership because their deal not fulfill the partnership conditions like business and profit sharing
(d)G and H have no partnership according to the partnership act because their deal not fulfill the all partnership factors like .profit sharing .