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.
CA Prashant Gupta
(Expert)
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.
Prashant Agrawal
(Expert)
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
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