17 June 2018
Is Profit of Partnership Firm to be distributed in the current year or in the Next Year? Is the Profit of Firm is to be added to the capital of Current year? or distributed in the next financial year so that the capital increase.
17 June 2018
profit of partnership firm is to be apportioned in profit sharing ratio in the same year when the profit was earned i.e. is to be added to capital account
It is not necessary to transfer the profit to partners bank account
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