Partners remuneration
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 February 2015
Dear all expert.
i have small Query
suppose, in partners ship firm there are two partners each are working and having capital rs 500000/- in books of accounts
but on 31/3/2014 the books profit was 300000/- and 90% of 300000 is 270000/-
Taxable income is 30000/-
30.9*30000 is 9270/-
but my Query are, will this 270000/- partners remuneration be shown in profit and loss account as an indirect expenses.
or it can be directly debited from both the partners capital
plz check the above calculation as per me
whether it is correct or not.. and also let me know after TRF this 30000/- profit
to partners capital A/C how much partners
capital will be carry forward to next FY
i have small Query
suppose, in partners ship firm there are two partners each are working and having capital rs 500000/- in books of accounts
but on 31/3/2014 the books profit was 300000/- and 90% of 300000 is 270000/-
Taxable income is 30000/-
30.9*30000 is 9270/-
but my Query are, will this 270000/- partners remuneration be shown in profit and loss account as an indirect expenses.
or it can be directly debited from both the partners capital
plz check the above calculation as per me
whether it is correct or not.. and also let me know after TRF this 30000/- profit
to partners capital A/C how much partners
capital will be carry forward to next FY
11 February 2015
Show the remuneration below the line.
Debit P and L
Credit Partners capital account.
Debit P and L
Credit Partners capital account.
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