How to calculate book profit in partnership firm
This query is : Resolved
Niladri Bhattacharya
(Querist)
04 September 2014
Profit of a Firm Rs3000/=
Interest on Capital @ 12 % = Rs60000/-
Partners Salary paid and Debited = 240000/=
Book Profit is 303000/-
Eligible Partners Salary is 90% of 303000
which is 272700 . In this case 240000 is OKay . No Amount Inadmissible .
Net Profit is 3000/- . Tax to be paid @ 30% plus Cess etc .
Is the Calculation Correct ??
Please reply at the earliest .
Interest on Capital @ 12 % = Rs60000/-
Partners Salary paid and Debited = 240000/=
Book Profit is 303000/-
Eligible Partners Salary is 90% of 303000
which is 272700 . In this case 240000 is OKay . No Amount Inadmissible .
Net Profit is 3000/- . Tax to be paid @ 30% plus Cess etc .
Is the Calculation Correct ??
Please reply at the earliest .
28 July 2024
https://docs.google.com/document/d/1BEEQeJjs_DH0NbTnB5Cx8OyodLE4F6Xm57ZFXHeKmkU/edit?usp=sharing
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