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PARTNERSHIP ACCOUNT
--Appropriation of profit
1) what is partnership account ?
=> the Indian partnership act 1932 , defines a partnership as '' the relation between person who have agreed to share the profit of a business carried on by all or any of them acting for all''
2) what is partners ?
=> the act further states that person who have entered into partnership are called individually partners
3) partnership Agreement (or deed) :
=> The agreement determining the right of partners inter se may be in written , verbal or implied from the usual conduct of the partners . Whatever possible , an express agreement in written is advisable so that each partners becomes aware of his partnership terms . Such a written agreement is technically referred to as partnership deed . A list of the more important contents of partnership deed is enumerated below
a) The duties and responsibility of each partners
b) The amount of capital initially to be introduced by each partner .
c) whether the partners ' capital contributions are to remain fixed or not
d) the proportion in which profits and losses are to be shared .
e) The salaries , if at all , to be paid to each partners .
f) The method of the maintaining and auditing accounts .
g) the admission of new partners and the retirement of existing partners .
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4) Appropriation of profits :
=> The profit of a partnership firm may be appropriated either as such or partly in the form of interest of capital / loan , salary , commission ,etc . and the balance as profit .
The mode of appropriation depends on the partnership agreement , in the absence of any agreement , section 13 of the partnership act will apply . According to this section , in the absence of any agreement to the contrary
a) all partners are entitled to an equal share in the profit of the business , and must contribute equally towards the losses sustained by firm .
b) A partners making any advance beyond the amount of capital which he has agreed to subscribe i.e., a loan is entitled to interest at the rate of 6%per annum from the date of advance
c) A partners is not entitled to interest on the capital subscribed by him .
d) No partners shall be entitled to any remuneration as salary or otherwise for acting in the partnership business .
e) If partners are entitled to interest on capital as per agreement , such interest is payable only out of profit .
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FILE NAME : PARTNERSHIP ACCOUNT (www.gksolved.com)
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