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partnership

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(Querist)
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
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CA Anisha Ray

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CA Anisha Ray (Expert)
12 June 2009 It will be shown as drawings, so Capital Account is to be debited.

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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
12 June 2009 completely Agree with Anisha
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
13 June 2009 If it is paid under contractual obligations then Under Partner's Remuneration otherwise under Capital A/c.
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Ankur Garg

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Ankur Garg (Expert)
18 June 2009 Yes, Capital Account is to be debited as such exp is in the nature of drawings.

Regards
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