Salary to Partner
This query is : Resolved
17 October 2010
if the profit of the p'ship firm is less than100000, then what will be the criteria for calculating the salary payment to the working partner? (for example: M/s P & Co. has a profit of Rs. 20000 before salary, M/s P & Co. is a Professional Firm) Please calculate the salary in the above example. Its urgent..
Thank You,
Thank You,
17 October 2010
The remuneration clause of the partnership deed has to be looked into for determining the remuneration in case of inadequacy of book profit.
18 October 2010
Not exceeding Rs. 1,50,000 subject to partnership deed.
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