Partnership
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 February 2012
while preparing profit n loss appropriation account we debit interest on partner loan , but its a charge against the profit and in order to claim deduction in income tax we should debit it in profit and loss account .....y we debit it in proft and loss appropriation account ???
12 February 2012
Since it is expenses paid to business owners and nature of profit distributed to partners.so debiting to p&l appropriations a/c.
12 February 2012
Agree with the above expert.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Relief u/s Section 89
- TDS Challan Code
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- REGARDING SECTION 44AE
- E way bill for tractors
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
