Incomes and expenses must be reported in the income statement. The profits are apportioned through profit sharing ratio. It is a business expense.
No need. There are no partners and no need to distribute profits.
SSGS and Associates
Chennai
CA Inter
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Shyam Joshi & Associates
Pune
B.Com
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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O P Bagla & Co LLP
New Delhi
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CAclubindia
