Partners interest & remuneration in loss making firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 October 2015
Dear professionals,
plz guide me on my following query.
xyz partnership firm has incurred loss rs. 136268/- before partners 12% interest and remuneration, plz let me know in this case should i credit interest and remuneration to partners capital if yes how much...
thanx & Regard
Nitin sharma
plz guide me on my following query.
xyz partnership firm has incurred loss rs. 136268/- before partners 12% interest and remuneration, plz let me know in this case should i credit interest and remuneration to partners capital if yes how much...
thanx & Regard
Nitin sharma
27 October 2015
Interest can be provided for at 12% remuneration can be provided upto Rs.150000
27 October 2015
You have to necessarily look into the provisions of the partnership deed and accordingly book interest and remuneration only if the deed says so in case of loss.
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