Q No. 1 Akram, Ali and Basit were running a Firm having 33%, 33% and 34% share respectively in the Firm. Basit got heart attack and died. As per the terms of the Partnership Deed, Firm was not dissolved and remaining partners continued the business. Remainingpartnersdecidedtoshare 34%ofprofitwithsolesonofBasita S sundry allowance. Can we say Basit's son is also partner in the Firm? a. b. C. Haroon was partner of 50% in a Firm. He obtained a loan from Financial Institution (FI) and as a security, assigned his Firm's profit in the favor of FI. Whether Fl has same rights as Haroon? Can Fl demand to inspect accounts of the Firm? Can FI intervene in the conduct of Firm? Liaquat was partner in a Firm with 30% share and main business of the Firm was to run bakery shop. Apart from this, Liaquat was also running a Juice Corner as a sole proprietor. 3 years after registration of Firm, other partners got aware about the Juice Corner business of Liaquat and demanded profits from Liaquat. Partnership Deed is silentonthisaspect. WhetherLiaquatisunderanyobligationtosharetheprofitfro m his sole proprietor business?Evaluate. Junaid (Minor) who was born intellectual and had strong command in the field of Information Technology. To capitalize his potential, Junaid cousin started a Firm and made Junaid as partner. What will be the position of Junaid in Firm? d. Page 1of Partner A bought a machinery of Rs. 2 Million whereas partnership deed does not allow a partner to singly execute any transactions above Rs. 1 Million. Partner A in his defense took plea that due to expected increase in dollar rates, he bought the machine at lower cost for the benefit of the Firm Is this a misconduct by Partner A? ne No