Capital withdrawn more than capital contribution
This query is : Open
09 December 2017
Respected experts, I am very confusing about this, A partner contributed capital Rs.13,00,000/- in the beginning of the partnership firm but at the end of the year showing Rs.17,55,000/- debit balance in his capital ledger due to more withdrawals than contributed. what should i do now? Please tell me...What are the income tax rules on this?
10 December 2017
It will not create a problem for details you may refer to partnership deed
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