Partners salary and interest - reg
This query is : Resolved
18 April 2012
Dear Sir / Madam,
I would like to know the Information about Partner's Salaries and Interest on Capitals In the partnership Firm which basis i should give and opening balance or debit credit transactions which is the correct way kindly send me answer and keep update me new queries and answers
Regards
venkat
venkatseven@yahoo.com
I would like to know the Information about Partner's Salaries and Interest on Capitals In the partnership Firm which basis i should give and opening balance or debit credit transactions which is the correct way kindly send me answer and keep update me new queries and answers
Regards
venkat
venkatseven@yahoo.com
18 April 2012
you can not give direct enry of partner salary and remuneration in FIRM CAPITAL A/C.
you have to debit in profit and loss a/c mandatory. because it is not a payment in cash but it is passed by jv.
you have to debit in profit and loss a/c mandatory. because it is not a payment in cash but it is passed by jv.
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