SInger and McMann are partners Singer orginaial capital was 40000 and mcmann was 60000 agree to split salary 12000 and 1800 for singer and mcmann respectively and 10% interest on orginal captial agree to 3:2 ratio remianing profits (3/5 to singer and 2/5 Mcmann)) What is mcmann share if income be if the year 30000?
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.
SInger and McMann are partners Singer orginaial capital was 40000 and mcmann was 60000 agree to split salary 12000 and 1800 for singer and mcmann respectively and 10% interest on orginal captial agree to 3:2 ratio remianing profits (3/5 to singer and 2/5 Mcmann)) What is mcmann share if income be if the year 30000?
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