Partners s/b interest and bank charges

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raghavendra b (Querist)
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28 June 2018 DEAR MADAM/SIR,
PARTNERS INDIVIDUAL S/B ACCOUNT BANK CHARGES AND S/B INTEREST ARE TRANSFER TO PARTNERSHIP FIRM PROFIT AND LOSS A/C IS CORRECT OR NOT IF WHILE FEEDING S/B ACCOUNT DETAILS CASH DEPOSITS ARE DRAWINGS IN THE HANDS OF PARTNERS

PLEASE SUGGEST ME

REGARDS

RAJA P M

RAJA P M (Expert)
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28 June 2018 First of why the sb account is in the Firm's Account...? *

raghavendra b

raghavendra b (Querist)
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28 June 2018 thank you for your reply sir,
this is my new case previous chartered accountant accounting all the s/b accounts in the firms account and maintained separate capital and current account ledgers and bank charges of the s/b account transfer to profit and loss a/c of firm account. So i am confused that so it is fair to debit expenses account

regards

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