This Query has 1 replies
We have two designated partners in our LLP. we want to pay regular monthly remuneration to the partners (this is not profit sharing). How do I record this on journal entry? we are using Zoho books.
I tried to categorize the transaction on banking tab as money out->owner's drawing->drawing (journal entry is owners drawing dr and bank account cr) but it reduces the share capital (equity) in balance sheet. since the remuneration paid is more than the initial capital, currently share capital is showing in negative which I think is not correct.
Can someone please help me resolve the issue? the objective is to pay monthly remuneration to the working partner and deduct it under profit and loss as per section 40 (B).
Thank you
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Dear sir, In a private limited company, y-o-y basis, for the last 30 years, the above subejct ledger is getting accumulated, to nullify it, what are the accounting treatments avialble and the burdon of tax effect on such treatment, kindly enlighten.
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we have existing cement concrete floor in factory premises. now we are doing epoxy flooring on existing floor, can we capitalize epoxy flooring, please advise.
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Dear Sir / Madam,
We received notice from EPFO for payment under section 14B (Damage) & 7Q (Interest).
After many attempt and Discussion we paid the amount as per notice.
Now, They ask payment details with Covering letter.
So, Please give give me a draft covering letter.
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Closing stock a/c...debited
To purchase account
or
Closing stock a/c...debited To trading account
1. WHICH ENTRIES IS CORRECT
2. DIFFERENT BETWEEN BOTH ENTRIES
This Query has 3 replies
Reserves & Surplus Rs. xxx
1. Profit before depreciation and tax (PBDT) Rs. 200
2. Depreciation Rs. 150
3. Profit before Tax Rs. 50
4. Profit after Tax Rs. 40
A) Which of this above four items will be added in Reserve and Surplus ??
B) Why??
Journal Entry for Remuneration to the Designated Partners in LLP