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Partners Remuneration

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(Querist)
05 June 2009 how to create partners remuneration account.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
05 June 2009 can't understand please elaborate your question.
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Parveen Bansal

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Parveen Bansal (Expert)
05 June 2009 Remuneration amount can be as per partnership agreement or as agreed between partners.

When remuneration is paid to partner, debit Partner's remuneration and credit payable/ cash / bank account as the case may be.

Remuneration paid to partner is not deductible from income under section 40 (b)of Income Tax Act.
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