In the absence of an agreement between the partners, a partner is entitled to receive interest at the rate of 6% pa on any payment or advance made beyond the amount of Capital he has to contribute If there is an agreement between the partners then interest is to be paid at the rates agreed upon, Indian Partnership Act, 1932 There is no one clear answer for what a good profitsharing percentage is for all businesses How many partners you have, how much work each partner does, the experience they bring to the table, and how much money each partner has invested in the business will likely play a factor in how you split up profitsClause1 – Date of Agreement All the partners have solemnly agreed upon to this indenture of partnership, with effect from forenoon of the 8th day of May, 19 Clause2 – Name and Title of the Firm The name and style of the partnership firm shall be M/S NAMEThe same may be changed as and when necessary by mutual agreement by the partners
Ts Grewal Solution Class 12 Chapter 2 Accounting For Partnership Firms Fundamentals 19
