Manoj,Naresh and om were commerce students. …
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Manoj,Naresh and om were commerce students. THEY had posted computers as a vocational subject while doing their b.com .they decided to star a computer business after doing their b.com.they prepared a partnership deed containing following clauses:
Name of the firm will be 'First computers '
Capitals:Manoj Will contribute 4,00,000 and Naresh and om 3,00,000 each.
Profit sharing ratio:profits will be shared in the ratio of capital contributions
Interest on capital:Interest on capital will be allowed 7 percent p.a.It will be allowed only when there is profit.
Interest on drawings:Interest on drawings is to be charged 12 percent per.a.
Salary to a partner :No partner is entitled to any salary or commission for taking part in the conduct of business.
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