Partnership firm
This query is : Resolved
SHYAMLAL KAYYARUVATH
(Querist)
20 June 2014
Dear sir,
While studying ICWA inter i could see the loan amount is not taken in to partners capital account.
Why don't we take loan amount which is provided by one partner in to partners capital account.
regards
Shyamlal
Dear sir,
While studying ICWA inter i could see the loan amount is not taken in to partners capital account.
Why don't we take loan amount which is provided by one partner in to partners capital account.
regards
Shyamlal
Nikhil Kaushik
(Expert)
20 June 2014
because it is a loan...not capital...
Rupesh Jain
(Expert)
21 June 2014
because due to this amount given by the partner other than his capital contribution.
so it is loan for the firm.
so it is loan for the firm.
24 June 2014
in partners capital account loan is given by partners to firm and reverse so loan account is sep maintained.
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