Audit of partnership accounts

This query is : Resolved 

08 September 2011 If there are three partners, Two are contributing their capital in the partnersip, however third one is providing the services and taking his salary. IS third is entitled to profit/loss.

08 September 2011 It purely depends upon the contract amongst the partners, in fact salary provision is not the part of partnership act unless specifically agreed amongst the partners, similarly profit/loss sharing ratio is also defined by the partnership deed, if no provision-equally.

08 September 2011 Every partner is entitled for share of profit/loss. So, just give 1% of profit.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries