Study Material & Notes
The Indian Partnership Act 1932, Section 4
“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
Study Material & Notes
Product = Each Drawing x No. of Months till Financial year end
Study Material & Notes
Profit is distributed in the ratio of appropriations to be made, determined as follows:
Study Material & Notes
In the absence of any information, always prepare fluctuating A/C
Study Material & Notes
Study Material & Notes
In case in a question two or more Guarantees are to be applied then this order is to be followed
When beneficiary’s actual share of profit is more than the guaranteed amount, then his share of profit is given to him, not guaranteed amount of profit.