Partnership act
This query is : Resolved
21 February 2009
we hav started a new business as partnership ,
two partners are there fixed Capital 25000 per head.
other than this they paid 500000 per head to start a business .
This 500000 should i consider as current a/c or loan a/c
if the same i will consider as loan then how much percent interest on loan i have to pay
please advice me accounting treatment for the same
two partners are there fixed Capital 25000 per head.
other than this they paid 500000 per head to start a business .
This 500000 should i consider as current a/c or loan a/c
if the same i will consider as loan then how much percent interest on loan i have to pay
please advice me accounting treatment for the same
21 February 2009
If there is a specific clause in the Partnership Deed that partners are permitted to bring in money as loan, then Rs 5,00,000/- brought in can be considered as loan.
Interest can be given if the partners so wish,on the strength of resolution, at a rate not more than the bank rate.
Interest can be given if the partners so wish,on the strength of resolution, at a rate not more than the bank rate.
21 February 2009
in partnership deed such clause is not there about the loan
21 February 2009
Either amend the deed ,if the partners so wish, or treat it as amount brought in to the C/A.
21 February 2009
If it is mentioned in partnership deed that
simple intrest at the rate of 12% pa or such lower/higher as may be prescribed u/s 40 (b) (vi) of the income tax act, 1961 shall be payable by the firms on the amount standing to the credit of the capital and/or current a/c or loans of the partners a/c.
please explian me this& accounting treatment for the same
simple intrest at the rate of 12% pa or such lower/higher as may be prescribed u/s 40 (b) (vi) of the income tax act, 1961 shall be payable by the firms on the amount standing to the credit of the capital and/or current a/c or loans of the partners a/c.
please explian me this& accounting treatment for the same
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