Hello
We are a very small partnership concern comprising of 5 employees all total and two parters.
Like other employees, our partner gets salary/remuneration of 5000/- per month. This amt varies depending upon the sale etc. Partner's do drawing also. One of the partner has done too much of drawing and his capital in in negative now.
I am stuck at the following point:
Year 16-17
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Partner A's Capital -> (-)5000/-
Parnter B's Capital -> 10000/-
Partner's remuneration has been decided 3000/- per head
At the end of the Fin year 16-17 our net profit is 2000/-
so the divison of profit is 50% each.
I am unable to make entries in tally for the above.
My ledgers are like follow:
Parner A - Capital A/c
Parner B - Capital A/c
Do I have to make any more ledgers, and what type of ledgers, direct expense or indirect exp.
A help would be very much appreciated.
Thanks
Shahid
CAclubindia
