Partners interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2016 Dear sir,
Weather partners interest can be calculated
On opening balance and closing balance if yes
should clause contain for the same in deed

Thanx & Regard
Amar jaiswal

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

27 April 2016 It depends on the 'wordings' in the partnership deed.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2016 Sir if interest on opening or on
Closing balance is mention in deed
Then will IT deptt. Accept the interest
On opening or on closing balance,
Also let me know is there any specific
condition for the same or it is depends
On partners wills that what word they
Have quote in partnership deed

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

27 April 2016 The specific conditions are :-
i) it should be in accordance with the terms of the partnership deed and
ii) maximum allowable rate is 12% simple interest per annum.

Querist : Anonymous

Querist : Anonymous (Querist)

27 April 2016 Sir if partners want to quote in partnership
Deed that interest should be payable on
Opening balance then it can be quote in
Deed in respect of partners willing or is
There any specific condition for the same

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now