10 September 2011
You are suppose to report the profit at minim um % provided in the section, but is the profit is above you need report as per accounts. If profit is less and do not wish to report profit at specified % you need to get the books audited.
In all the cases it is basic need that you should have book of accounts.
Hence in all cases you will be able to account for Partners Capital & share of profit as per account extract provided by the firm.
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