Appropriation of profit in partnership firm
This query is : Resolved
31 May 2011
Pls help me , tell me hw to app. profit to partners in partnership firm.
31 May 2011
net profit + incometax of firm
divide the amount in the ratio of partnership and send the same to their respective capital account after deducting the firms share of tax
divide the amount in the ratio of partnership and send the same to their respective capital account after deducting the firms share of tax
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31 May 2011
If income tax or provision for income tax is not debited in the profit and loss account, then net profit should be divided in the profit sharing ratio mentioned in the partnership deed and that amount is to be t/d either to respective capital or current a/c of the partner's.
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31 May 2011
there r some provisions under IT Act, like in A.Y 2010-11, 90% of 300000 r 150000 which ever is higher n from remaining amt 60% is to b allocated to partners as salary n remaining as profit share,
wht r dat provision for salary as per current budget for giving salary to partners for ass yr. 2011-12??
wht r dat provision for salary as per current budget for giving salary to partners for ass yr. 2011-12??
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31 May 2011
Salary to working partners are to be provided in the accounts in the assessment year 2011-12 also as per the slab given in the query if the partnership deed also contain such a clause. The remaining is the net profit of the firm which has to be apportioned among the partners in the profit sharing ratio specified in the partnership deed.
01 June 2011
thankx for help..
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