Interest on capital

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TARIQUE RIZVI (Querist)
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06 March 2016 Interest on capital I have to provide as on March 2015. Opening balance as on 1st april 2014 was 100 but the closing balance on 31st March 2015 was 50. Interest on capital as on 31st March 2015 shall be provided on opening balance or on closing balance.

Ankur Singhal

Ankur Singhal (Expert)
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06 March 2016 Dear
Interest on capital will be provided as mentioned in the partnership deed.
So,pls refer the deed for the same.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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07 March 2016 Noting has been mentioned in partnership in this connection. Can we obtain the consent of the partners on letter head of the firm or on stamp paper to provide in P&L as per our requirement.

Ankur Singhal

Ankur Singhal (Expert)
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07 March 2016 Dear
Do as the partners consent or provide interest on closing capital.
And draft a new partnership deed and. Incorporate the same clause.

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