(i) Sharing of Profits and Losses: In the absence of partnership deed profit sharing ratio among the partners will be equal.
(ii) Interest on Partner’s Capital: In the absence of partnership deed interest on partner’s capital will not be given.
(iii) Interest on Partner’s Drawings: In the absence of partnership deed no interest will be charged on partner’s drawings.
(iv) Interest on Partner’s Loan: In the absence of partnership deed if partner gives any loan to the firm he/she will be entitled to get a fixed percentage of interest on such loan @ 6% per annum
(v) Salary to a Partner: In the absence of partnership deed no partner will be entitled for getting any salary for his work even if the other is non-working.
Final Answer:
Hence x is giving loan to the firm and he is entitled to get interest on loan @ 6 % p.a from the firm.
