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current account - reimbursement - top urgent

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(Querist)
11 March 2010 Dear,

Want to know why the reimbursement of conveyance and other things are being credited to the current account. Is there any tax applicablity or any clause or any notification is there. If so please provide the same.

Rgs,
S Jacob
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Rahul Gupta

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Rahul Gupta (Expert)
11 March 2010 Your question is not exactly clear to me..
I Think you are asking for the Current account of the partners in the Partnership Firm. If I am taking wrong, then please explain your question in detail.

However, in Partnership the Current account is opened with the objective of recording daily reimbursement of petty expenses, interest etc. of the partner. In this way capital contribution is not affected and it is easy to decide the capital contribution ratios for payment of interest on capital and also sometimes if profit sharing is determined by the amount of capital Contribution.
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