Fundamentals of Financial Accounting.

Assignment- 3.

1. THIS INSTRUMENT OF PARTNERSHIP IS ENTERED INTO

ON BY AND BETWEEN: Bangalore riffles following
address:
AIR FIELD GROUNDS SECTOR 45
323 sector 45, Kanak Pura
Bangalore India
will sign this
AND
AUSTRALIA TRADE AND COMMERCE
of the following address:
58 EUNGELLA ROAD, MIDGE POINT
QUEENSLAND 4342 AUSTRALIA
(Referred to herein as 'Partners" or individually as "Partner")
WHEREAS:
A. “The Partners intend to work together as partners to carry
on the business of INTERNATIOONAL TRADE AND
RELATIONSHIPS”
B. “The Partners desire to enter into this Deed to regulate
their relationship and reduce the terms and conditions
governing their partnership and other matters related
thereto into writing”.
C. This Deed sets out the terms and conditions that govern
the relationship between the Partners, and the Partners each
respectively agree to be bound by the terms of this Deed
DESCRIPTION
Business of the firm: Sales of ammunition and weaponry
Duration of Partnership: 5 years (60 months)
Sharing of profit/loss: 3:1
Commission: for every sale made out of nation (international
sales) 10% commission
Capital contribution: A sum of 2.8 core with international
relationships
Partner’s Drawings: If the partner draws a minimum of 7 lakh
an interest of 8.7% will be charged, above the price a
standard interest rate of 12% will be charged if not paid the
firm to take legal actions
Duties & Obligations of partners: the partner shall maintain
a low profile and shall not have any international criminal
records; the partner should maintain international
relationships with pro-efficient ammunition buyers and shall
market and manage the sales of high-profile guns in the west
coast and should take control over international transactions.
In case of No progress immediate removal to be taken.
Accounts & Audit: transactions need to be confidential,
international transactions to be recorded on block chain.
2. A person who is a minor under the relevant law may not
have been a partner in a firm, but he may be granted
temporary access to the advantages of partnership with
the consent of all the partners.

3. The new partner is required to contribute an amount

known as the Goodwill if the partnership firm is well-
established and generates earnings that are greater
than the usual rate of return on capital. This is done to
make up for the present partners' loss of supernormal
revenues due to the new partner's admission.

4. Ratio of investment of Karti: Bhavan: Sid is,

⇒13000×7+14000×5:16000×7+21000×5:19000×7+1400
0×5
⇒23:31:29
Total profit earned is 43160 Rs.
So required share is,
⇒23+31+2923+29×43160
⇒8352×43160
⇒27040 Rs.

5. A. Pay will be transferred to Ramesh and Mahesh's

current accounts.
 B. Assume Usha is a new partner, and give her a
monthly profit-sharing payment of 2,500 in exchange for
20% of the business.

Khushi Varenya. B. M
PES1202200114