21 January 2023
sir, A partnership firm professional income Gross receipts rs:12 lacs working two partners. gross receipts amount rs:12 lacs shared to two partners capital account (6 lacs +6lacs).but profit declared rs:50% 6 lacs profit transferred to partners capital account 3 lacs + 3 lacs. Question: Gross receipts vs profit difference amount show procedure partners capital accounts.
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