iii. Share of divisible income/loss Irfan Iftina The partnership's Statement of Comprehensive Income for the year ended 31 December 2014 was as follows: RM Income from construction contract Less: Cost of construction Profit from construction 8,418,600 7,961,400 457,200 190,700 647,900 Other income Less: General overheads 420,300 Net profit for the year 227,600 Included in the general overheads are: Partners' salaries Partners' interest on capital Depreciation on fixed asset RM 57,000 18,750 30,700
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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