Question

ILLUSTRATION 28 (Guarantee to a Partner by Another Partner) Moni and Soni were
partners sharing profits in the ratio of 3:2. They admit Vani as a partner. Vani was to receive a
salary of 55 per annum, plus a commission of 10% on the profits after charging such salary
and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter​

Answer 1

Answer:

Moni and Soni were

partners sharing profits in the ratio of 3:2. They admit Vani as a partner. Vani was to receive a

salary of 55 per annum, plus a commission of 10% on the profits after charging such salary

and commission or 1/5th of the profits of the firm, whichever is larger. Any excess of latter