Firm profit to be transfer to partners
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2011
Is it is mandatory to transfer Profit after tax to partners Current account . can it be shown as reserves.
Partnership deed states only profit sharing ratio to partners but does not state transfer of profits to capital account.
Plz Help....
Partnership deed states only profit sharing ratio to partners but does not state transfer of profits to capital account.
Plz Help....
CA Ayush Agarwal
(Expert)
17 September 2011
Yes...NO such criteria...just make change in deed...you can show as reserve...and can also transfer to partners capital account...
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