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Solve this please Question 02 a] bi dl Kashif, Irfan and Shujaat are partners in a firm. Irfan bought a shop in his own name.

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Question 02 a] bi dl Kashif, Irfan and Shujaat are partners in a firm. Irfan bought a shop in his own name. He issued a cheque from the partnership account and debited his account with the purchase price. He rented out the shop and credited the receipts of rent in his capital account. Kashif has objected to this practice and asked Irfan to register the shop in the firm's name contending that the shop is partnership's property. Irfan disagrees. Explain what constitutes partnership property under the Partnership Act, 1932 and whether the shop is partnership property or not. (Marks 02} A, B and C, partners of a firm, admitted D, a minor to the benefits of the rm. D attained majority on 6th March 2020. He became aware of the fact that he has been admitted to the benefits of the firm on 16th August 2020. Being undecided about the situation he preferred to wait for some time before announcing his decision aboutjoiningthe firm. On 27th February 2021, the firm suffered heavy losses due to an unforeseen event. A, B and C informed D that on account of such losses, his capital in the firm has been reduced by 40%. Discuss the rights and liabilities of D in the above situation. {Marks 02] Maqbooi. Rufi and Sham are the partners in Zeeshan Builders (EB), a firm engaged in the business of constructing industrial and residential projects in Balochistan. Sham is also the owner of a cottage industry In Quetta. Sham has obtained a long term loan for his cottage Industry from Dostana Bank Limited by transferring his interest In 23 to the bank by way of a mortgage. Under the provisions of the Partnership Act, 1932 describe the rights and disabilities, if any. of Dostana Bank Limited In the above circumstances. {Marks 01] In the above partnership business in Scenario C. Rufl Intends to acquire a plot of land for the firm with his own money. However, he Is not certain whether the plot would be considered as partnership property. Under the provisions of the Partnership Act, 1932 advise Rufi as what Is considered to be Included in the partnership property and how It is to be applied. [Marks 01]

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