Partnership firm

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Chirag Asija (Querist)
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27 April 2015 Dear All,

Can a partner's personal home loan be booked in books of his partnership firm.

If Yes, then why?
Please tell fast.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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27 April 2015 no ways.. it cant b booked in partnership firm dear

Chirag Asija

Chirag Asija (Querist)
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27 April 2015 Same was my answer, but the situation exists in books of the firm in which I work as an article trainee.
The personal home loan of one of the partner is booked in books of firm and moreover interest on such loan is charged to profit and loss account.

That's why a doubt created in my mind.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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27 April 2015 thats completly wrong dear...!!!

Chirag Asija

Chirag Asija (Querist)
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27 April 2015 Sir says that in case of partnership firm, there is no separate legal entity concept thats why such loan i shown in books of firm.

But i am not satisfied with the answer. If its like this then all personal household expenses of partner should be debited to P&L of firm.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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27 April 2015 https://indiankanoon.org/doc/1796683/

https://www.letslearnaccounting.com/taxation-of-income-of-partnership-firm

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