Author

 

I am a Chartered Accountant and Approved Company Auditor in Malaysia. My primary objective of creating this blog is to share my experience with those who are interested to learn accounting.

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3 Responses to “Author”

  • blossom on March 10, 2011

    would like to enquire for partnership account. is it possible that only 1 partner entitle for the profit sharing?

    thks

  • admin on March 10, 2011

    Yes, it is possible. For example, there are two partners, one of them contributed all the capital of the partnership that is required to run the business and therefore rightfully earn all the profits while the other partner has the experience to run the business and earn the agreed amount of monthly salary.

  • blossom on March 11, 2011

    Thks for your prompt reply.
    Another question

    1) Since this partnership no profit sharing (just earning a salary) and he retire before the financial year, do I need to prepare the revaluation account?

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