Partner's remuneration
This query is : Resolved
18 March 2011
Hi
If a partner is earning a remuneration of INR 1 lac, but he is withdrawing only INR 30,000, how much will he show in his return and what about the balance if any.
Thank you
If a partner is earning a remuneration of INR 1 lac, but he is withdrawing only INR 30,000, how much will he show in his return and what about the balance if any.
Thank you
18 March 2011
pl. do the following journal entry
cash a/c dr 30,000.00
investment in partnership firm Dr 70,000.00
To, Partners Remuneration1,00,000.00
Note:1,00,000.00 to be shown in the return
cash a/c dr 30,000.00
investment in partnership firm Dr 70,000.00
To, Partners Remuneration1,00,000.00
Note:1,00,000.00 to be shown in the return
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