Question

Black and white started a business on 1april 2019 contribution ₹40000 and₹60000 respectively at the end year profit ₹30000 if their profit sharing ratio is3:2 if they decide to follow provision of Indian partnership act and if they share profit in capital ratio

Answer 1

Answer:

if the deed of partnership is clear on the profit sharing ratio the firm has to follow PSR i.e 3:2

Explanation:

if the deed of partnership is silent then we have to follow Indian Partnership Act