Accounting group for individuals


This query is : Resolved 

Quick Summary
This discussion clarifies how to account for individual tax implications arising from a partnership. It covers the treatment of tax paid by the partnership, refunds received, and how profits and losses are transferred to partners' individual accounts. The ledger entry for 'Profit & Gains from partnership firm' is highlighted as the key for capital transfers.

(Querist)
05 October 2024 what would be the accounting group for accounting in the case of individuals
Tax paid by Partnership firm /Refund for parthers
Profit and Loss transferred to partners

06 October 2024 It is capital transferred from the firm
Leger: Profit & Gains from partnership firm.

11 October 2024 Good luck ....


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