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Audit of partnership accounts

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(Querist)
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.
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
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.
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CA.E.Deepan Chakravarthy

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CA.E.Deepan Chakravarthy (Expert)
08 September 2011 Every partner is entitled for share of profit/loss. So, just give 1% of profit.
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