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Parnership Introduction
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In the 4th video there is a sum regarding division of profit But sir didn't take drawings WHY
Answers (6)
CA Suraj Lakhotia Admin
Why would you take drawings for division of profit?
Because this drawings from the amount of money partners should receive
CA Suraj Lakhotia Admin
Sharing of profit is different. Withdrawing amount is different.
If X and Y are partners sharing profits equally and the profit is 10 00 000 and only X drew 50000 At the time of profits Y may say instead of taking 5 lakhs take only 4 50 000
Thread Starter
Prasanth kumar KamisettyIf X and Y are partners sharing profits equally and the profit is 10 00 000 and only X drew 50000 At the time of profits Y may say instead of taking 5 lakhs take only 4 50 000
Profits are credited to partners account. When they withdraw they are debited. So finally what is balance will be withdrawn.
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