Iqbal and kamal are in partnership sharing profits and losses in 3 : 2. Kamal died three months after the date of the last Balance Sheet.
Iqbal and kamal are in partnership sharing profits and losses in 3 : 2. Kamal died three months after the date of the last Balance Sheet. According to the Partnership Deed, his legal heir is entitled to the following:
(a) His capital as per the last Balance Sheet.
(b) Interest on above capital @ 3% p.a. till the date of death.
(c) His share of profit till the date of death calculated on the basis of last year’s profits.
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