Virtual University Forum

Topic to be tested: Markup on Capital and Drawing Learning Objectives:  To develop an understanding regarding rights and obligation of Directors and Partners CONSTRUCT: Mr. A, Mr. B and Mr. C joined hands for mutual business as partnership firm. They are agreed on equal share in capital and profit & loss. However, after one year Mr. B provided extra Rs. 100,000 for contingency expense on 12% interest rate (Annual) until the repayment. It was not possible to return the loan amount to the Partner Mr. B due to the increasing requirement of capital for flourishing business. Mr. C withdraws Rs. 50,000 on 10% interest rate (Annual) from business resources for the treatment of his wife. After few years, all partners agreed to convert partnership firm into public limited company, no change in business line, to meet the capital requirements and all partners with other four members became directors of newly incorporated ABC Corporation. Before signing the directorship do...

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