interest on capital
This query is : Resolved
ca vishal aggarwal
(Querist)
18 September 2009
i m running a partnership firm .firm is incurring losses & as per my deed i & my partner is entiled to 12% interest on capital .can i claim so & can there be loss on account of interest on capital
18 September 2009
If there is a stipulation in the deed,interest is to be charged in the accounts. Otherwise the accounts prepared will not be in accordance with the provisions of the deed.
19 September 2009
agree
19 September 2009
Agreed
Anjani Pratap Tiwari
(Expert)
21 September 2009
Yes if in the deed it is prescribed you can charge interest whether it is profit or loss
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