A firm in which two or more persons are working
together as owners is known as a partnership.
The individuals working in a partnership firm
are known as Partners.
Partnership Agreement: It is desirable
that there should be a written agreement between the partners to avoid any
dispute that may arise in future. The document which contains the terms and
conditions regarding the conduct of partnership business is known as
Partnership Agreement.
Contents
of Partnership Agreement: The usual contents of a partnership agreement are:
1. The capital
to be contributed by the each partner.
2. The maximum
amount of drawings which a partner can make during a year.
3. The rate of interest, if any, to be paid on capital before
the profits are shared.
4. The rate of
interest, if any, to be charged on drawings made by the partners during the
year.
5. Salaries,
Commission, Remuneration, if any, to be allowed to any partner.
6. The ratio in
which the profits and losses shall be shared among the partners.
Profits
and losses are generally shared either
(a) Equally; or
(b) In the ratio of capital
contributed by each partner (Capital ratio); or
(c) In any other ratio to
which the partners may agree.
7. Arrangements
for the admission of a new partner
8. Procedures to
be carried out in the event of retirement or death of a partner.
Capital accounts in
Partnership: The
capital accounts in partnership may be maintained under:
A.
Fixed capital method
B.
Fluctuating capital method
A. Fixed Capital Method: Under this method two
accounts are kept for each partner viz. Capital
account and Current account. In the capital account the original capital
investment only will be shown every year. The current account is kept for
recording Interest on capital allowed, salary allowed, share of profit,
drawings, interest on drawings etc. This account may show either a debit
balance or a credit balance. Debit balance represents drawings in excess of
profits to which a partner was entitled. Credit balance means profits undrawn.
Maybe deliberately you omitted sub topic on "where there is no agreement or partnership deed." I did not mean to underate your knowledge but only a reminder.
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