Partnership
This query is : Resolved
24 June 2010
1. In case where a Partnership firm has loss before providing for "Interest to Partners" & " Salary to Partners " in their accounts.
In such case Can the firm decide not to debit any Salary & Interest to partnets in the P/L account of that year even if the Partnership deed allows the firm to debit Interest & Salary to partners.
In such case Can the firm decide not to debit any Salary & Interest to partnets in the P/L account of that year even if the Partnership deed allows the firm to debit Interest & Salary to partners.
24 June 2010
If the partnership deed contains a clause to that effect, they can opt out otherwise not advisable.
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