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The Book Profit of a firm is 325600/- What is the allowable
remuneration to the working partners
If it is a business firm
If it is Professional Firm
and also let me know under what section
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Answer / satyaki_raju@yahoo.com
Mr Vikas Verma
You knew well to answer but forgot to help others
Your calculation about business firm is correct,but For
professional firm it is not correct.
Try to give answer in detail
The limitations under Sec 44 AA for professional firms and
Business firms U/s 40b
The limitations are
Professional Firms
1.Ist 1,00,000 90% 90,000
2.on the 2nd 1 Lakh 60% 60,000
3.On the Balance i.e 125600 @40% 50,240 2,00,240
For Business Firms
On the 1st 75,000 @90% 67,500
On the 2nd 75,000 @60% 45,000
On the balance 1,75,600 @40% 70,240 1,82,740
Th
| Is This Answer Correct ? | 11 Yes | 1 No |
What care should one take while investing?
Before making any investment, one must ensure to:
1.obtain written documents explaining the investment
2.read and understand such documents
3.verify the legitimacy of the investment
4.find out the costs and benefits associated with the
investment
5.assess the risk-return profile of the investment
6.know the liquidity and safety aspects of the investment
7.ascertain if it is appropriate for your specific goals
8.compare these details with other investment opportunities
available
9.examine if it fits in with other investments you are
considering or
you have already made
10. deal only through an authorised intermediary
11. seek all clarifications about the intermediary and the
investment
12. explore the options available to you if something were
to go
wrong,and then, if satisfied, make the investment.
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| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sharetipsinfo
Hi,
Stock market India is volatile and all those who speculate
in market are loosing everyday. Please remember stock market
is not for speculation purpose. If one feel investing in
stock market is gamble then its better to think again.
One should always note that if they want to invest money
they should do proper research be it fundamental research or
technical research. Just think how come you can invest
your money without any convincing reason for the same?
Indian stock market is one of the most happening and
emerging market. Major Indian stock exchanges are BSE and
NSE and both are of world class standards.
So grab good stocks and invest that’s the bottom line.
We hope to see you in major profits.
Regards
<a href="http://www.sharetipsinfo.com" title="SHARETIPSINFO
TEAM">SHARETIPSINFO TEAM</a>
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sharetipsinfo
Hi,
Stock market India is volatile and all those who speculate
in market are loosing everyday. Please remember stock market
is not for speculation purpose. If one feel investing in
stock market is gamble then its better to think again.
One should always note that if they want to invest money
they should do proper research be it fundamental research or
technical research. Just think how come you can invest
your money without any convincing reason for the same?
Indian stock market is one of the most happening and
emerging market. Major Indian stock exchanges are BSE and
NSE and both are of world class standards.
So grab good stocks and invest that’s the bottom line.
We hope to see you in major profits.
Regards
<a href="http://www.sharetipsinfo.com" title="SHARETIPSINFO
TEAM">SHARETIPSINFO TEAM</a>
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / puntercalls
India’s Bombay Stock Exchange along with Taqwaa Advisory and
Shariah Investment Solutions (TASIS) launched a Shariah
compliant index on Monday in an effort to attract more
investors from India and abroad.
The index allows investors to buy stocks without violating
Islamic investment guidelines.for more details please visit
to: http://www puntercalls.com
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / vikash verma
IF IT IS A BUSINESS FIRM, ALLOWABLE REMUNERATION TO
PARTNERS IS RS. 182740.00
IF IT IS A PROFESSIONAL FIRM, ALLOWABLE REMUNERATION TO
PARTNERS IS RS. 193240.00
| Is This Answer Correct ? | 3 Yes | 8 No |
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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