partnership
This query is : Resolved
12 June 2009
sir
if a partner takes cash from his partnership firm for his medical exp. what ac should be debited
should the partner capital ac dr or shown in P/L ac as welfair ac
Please say
Regards
if a partner takes cash from his partnership firm for his medical exp. what ac should be debited
should the partner capital ac dr or shown in P/L ac as welfair ac
Please say
Regards
CA Anisha Ray
(Expert)
12 June 2009
It will be shown as drawings, so Capital Account is to be debited.
Manmohan ACA, CS
(Expert)
12 June 2009
completely Agree with Anisha
CA Nitin Wadhwani
(Expert)
13 June 2009
If it is paid under contractual obligations then Under Partner's Remuneration otherwise under Capital A/c.
Ankur Garg
(Expert)
18 June 2009
Yes, Capital Account is to be debited as such exp is in the nature of drawings.
Regards
Regards
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