Distribution of profit in partneaship firms

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Suryakant (Querist)
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31 July 2011 Dear Sir/ Madam

please the give sol. for Distribution of Profit in Partneaship Firms when one partner are retired and new partner is come in mid half of the Financial year

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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31 July 2011 There are two ways of distribution of profit
1) Prepare the books of account up to the retirement of the partner and distribute the profit in the profit sharing ratio.
2) Prepare the account up to 31st March and divide the profit on the basis of number of days a partner retiring and the balance for partner incoming

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