Negative balance of all the partner's in their capital a/c
This query is : Resolved
CA Shravan
(Querist)
13 October 2018
One of my client which is a partnership firm has to partners. due to heavy loss in the first year itself both their capital account became negative after transferring of loss to their respective capital account. how to show both capital account in balance sheet and accounts and whether it is allowed under Income tax and any other issues relating to it. the firm has bank loan
thanks in advance. waiting for your reply
thanks in advance. waiting for your reply
13 October 2018
As per my view.,
You don't be transfer the Share amount directly into Capital Account. Prepare "Partner Current Account - Under Capital" then Account... Also transfer the Negative value to "Current Asset" head...
Wait on further replies from Our Experts...
You don't be transfer the Share amount directly into Capital Account. Prepare "Partner Current Account - Under Capital" then Account... Also transfer the Negative value to "Current Asset" head...
Wait on further replies from Our Experts...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- Ito add credit side of bank
- GSTR9 Annual Return
- Form 144 TDS Return Validation error
- Capital Gains Tax on Inherited Mutual Fund
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Gift to nri relatives resides in usa
- LLP audit and disclosure
- Import of Capital Machine
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
