Discuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.

— Kishore V, SME and ACW at Edumarz

In accordance with the Indian Partnership Act of 1932. When a partnership document is not present, the following clauses remain in effect:
1. Profit and loss sharing: 

• In the absence of a partnership document, the profit-sharing ratio shall be equal among all partners, according to the Partnership Act of 1932.

2. Interest on Partner’s Capital:

• If a partnership deed is missing, the partners are not entitled to interest earned on capital under the Partnership Act of 1932.

3. Interest on Partner’s Drawings: 

• If a partnership deed is missing, the partners will not be charged interest if they draw money, according to the Partnership Act of 1932.

4. Interest on Partner’s Loan: 

• If the partnership deed is missing, the partner is entitled to a 6% interest rate on the firm’s loan.

5. Salary to a partner:

• In the absence of a partnership agreement, the partners are not entitled to any compensation; any compensation received will be considered an appropriation of profit (in case there is profit).