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Question
Give the word / term or phrase which can substitute the following statement.
A partner who is engaged in day to day activities of the business.
Solution
Active partner
Explanation: A partner who is engaged in day to day activities of the business is regarded as an active partner. He works on behalf of all other partners of the firm and is also paid a salary, if mentioned in the deed.
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Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹ 50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹ 3,000 despite the firm being in loss for the year.
Reasoning: In the absence of any agreement/provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.
