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Question 3 MKG Agency is a partnership firm consisting of father and three major sons....

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Accounting

Question 3 MKG Agency is a partnership firm consisting of father and three major sons. The partnership deed provided that after the death of father, the business shall be continued by the sons, subject to the condition that the firm shall pay 20% of the profits to the mother.

Father died in March, 2022. In the previous year 2022-23, the reconstituted firm paid $. 1 lakh (equivalent to 20% of the profits) to the mother and claimed the amount as deduction from its income. Examine the correctness of the claim of the firm.

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