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.
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