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Easy question about profit! I am confused and need it explained please. My question is if...

Easy question about profit!

I am confused and need it explained please. My question is if a partnership business in general has a profit lets say of $100,000 is that the amount divided among the partners? It is not specified about expenses so would I have to assume that and calculate in so the profit is even less? Please explain what is divided among the parters

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Answer #1

The Net Profit/loss in Partnership will be divided among all the Partners as Per the Agreed Sharing Ratio. Once Net Profit is calculated after deducting all the Business Expenses then the net Profit is transferred to Profit and Loss Appropriation Account where any benefit or allowance like  interest-on fixed capitals, salary, commission, bonus, etc. will be transferred to Current Account of the Respective Current Account of the Partner . Balance Amount will be shared between the Partners as per the Agreed ratio.

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