Partnership accounting
This query is : Resolved
Gopal Sengar
(Querist)
24 December 2014
Hello Sir/Mam
Intt. on Capital will be transfer in Capital Account or Partner Loan Account
and Salary to Partner could be transferred in Capital Account?
and Rent is Allowed to a Partner from Partnership Firm
Thanks for Response
Intt. on Capital will be transfer in Capital Account or Partner Loan Account
and Salary to Partner could be transferred in Capital Account?
and Rent is Allowed to a Partner from Partnership Firm
Thanks for Response
Ketan Shah
(Expert)
24 December 2014
It will depend on the method of accounting adopted i.e. in case of fixed and floating capital a/c recurring items like interest, remuneration, etc shall be transferred to floating capital a/c.
24 December 2014
1. on partners capital account
2. same as above
3.means its an exp to firm then profit and loss to firm debit and credit partners cap a/c
2. same as above
3.means its an exp to firm then profit and loss to firm debit and credit partners cap a/c
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