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Salary to Partner

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(Querist)
17 October 2010 if the profit of the p'ship firm is less than100000, then what will be the criteria for calculating the salary payment to the working partner? (for example: M/s P & Co. has a profit of Rs. 20000 before salary, M/s P & Co. is a Professional Firm) Please calculate the salary in the above example. Its urgent..



Thank You,
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 October 2010 The remuneration clause of the partnership deed has to be looked into for determining the remuneration in case of inadequacy of book profit.
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Abhay Gujarathi

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Abhay Gujarathi (Expert)
18 October 2010 Not exceeding Rs. 1,50,000 subject to partnership deed.
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