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Aseem andNiharStarteda Business on 1stapril2018withcapitals of3.00.000 and Rs. 2.00.000respectively ,Accordingto thepartnership Deed,Niharis togetsalaryfoRs.5.000permonthAseemis toGet 10%commissiononProfitafterallowingsalary to niharand interestis to beallowedon capitals @ 6%p.a profit - sharingratio betweenthe twopartnersis 3:2 During theyear , thefirmearned netprofitof Rs. 2.50.000 Passjournal entriesfordivisionof profits and prepaneprofit and lossappropriationaccount . Thefirm l closes itsaccountson 31 st Marchevery year . |
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