Partnership
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 April 2012
Dear expert,
I want to know that, income tax on firm's income is to be debited in P&L appropriation a/c or from partners capital a/c divided in there partnership ratio.
Please advise me.
I want to know that, income tax on firm's income is to be debited in P&L appropriation a/c or from partners capital a/c divided in there partnership ratio.
Please advise me.
02 April 2012
you can do it both ways. you can also debit to P/L appropriation a/c and then transfer remaining to partners capital or directly debit to partners capital a/c.
02 April 2012
The profit is distributed among partners after appropriating income tax from profit before tax. Rest of the profit is available for partners in their sharing ratio as per deed
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Rental income of jointly held property
- NRI INSURANCE ADVISOR
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
