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The partnership agreement of Mandeep, Nikhil …

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The partnership agreement of Mandeep, Nikhil and Om provides that : (a) Profits will be shared by them in the ratio of 2 : 2 : 1. (b) Interest on capital to be allowed @ 6% per annum. (c) Interest on drawings to be charged @ 3% p.a. (d) Nikhil to be given a salary of Rs. 500 per month. (e) Nikhil’s guarantee to the firm that the firm would earn a net profit of at least Rs. 80,000 per annum and any shortfall in these profits would be personally met by him.

Posted by Pratham Jain 3 years, 6 months ago

CBSE > Class 12 > Accountancy

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