James Benton, Horace Douglas, and Henry Kemp form a partnership under the firm name of Benton, Douglas & Kemp, for the purpose of conducting a retail shoe business in Buffalo, N. Y. The date of the agreement, which is to continue for ten years, is March 1, 1908. James Benton invests $1,000.00 in cash and a stock of shoes inventorying $2,000.00 as follows: men's, $800.00; women's, $700.00; children's, $500.00. Horace Douglas and Henry Kemp each invest $3,000.00 in cash. The three partners are to share equally in the profits and each is to receive a salary of $100.00 per month. The books are to be closed and net profits divided at the end of each three months' period counting from January 1, which brings the first distribution on March 31. The following transactions are recorded during the month of March: --March 1-- Deposited in Second National Bank $7,000.00 --March 1-- Bought from National Fixture Co. Store fixtures 2,000.00 Invoice #1 --March 1-- Bought from John C. Morrison, Buffalo Men's shoes 135.00 Invoice #2 --March 1-- Bought from Hoyt & Co., Rochester, N. Y. Women's shoes 127.50 Children's shoes 84.00 ------ 211.50 Net 60; 2% 10. Invoice #3 --March 2-- Sold to R. H. Wallace, 842 Delaware Av. 1 pr. men's shoes 6.00 1 pr. men's slippers 2.50 ------ 8.50 --March 2-- Sold to D. H. Lyon, 416 Niagara St. 1 pr. women's 3.50 1 pr. women's 4.00 1 pr. children's 2.00 ------ 9.50 --March 2-- Sold to Henry Norris, 297 Madison Av. 1 pr. men's 5.00 1 pr. children's 1.25 1 pr. children's 1.50 ------ 7.75 --March 2-- Sold to R. H. Homans, 427 Lafayette Av. 1 pr. women's 5.00