Partnership Firm
This query is : Resolved
02 September 2010
Dear All,
Please give your valuable feedback:
Can a partnership firm give loan to its partners??
please give source of opinion also with implication thereof.
Regards
Deepak Kakkar
Please give your valuable feedback:
Can a partnership firm give loan to its partners??
please give source of opinion also with implication thereof.
Regards
Deepak Kakkar
02 September 2010
There is no restriction on a partnership firm under the Partnership Act or any other law to give loan to the Partners unless specifically provided otherwise in the Deed of Partnership
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03 September 2010
Thanks Mr. Saraogi
As per partnership Act, partner & partnership firm are not separate. So can partner take laon from himself? this is the only issue i am facing.
Nyways, thanks for your valauble feedback.
So can we Debit it in laons & advances head of the firm by partners name?
As per partnership Act, partner & partnership firm are not separate. So can partner take laon from himself? this is the only issue i am facing.
Nyways, thanks for your valauble feedback.
So can we Debit it in laons & advances head of the firm by partners name?
03 September 2010
Mr. Deepak,
When a firm can take advances & deposits from the partners and show it as liabilities, than it can also give it to partners say in the nature of loans. therefore in my opinion you can show it in the Assets side under the head Loans, Advances and Deposits, if partnership deed specifically mention such transaction.
When a firm can take advances & deposits from the partners and show it as liabilities, than it can also give it to partners say in the nature of loans. therefore in my opinion you can show it in the Assets side under the head Loans, Advances and Deposits, if partnership deed specifically mention such transaction.
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04 September 2010
but in a case where the firm has borrowed money on interest and claiming the interest as business expenditure, there is a possibility that a proportionate portion may be disallowed
04 September 2010
partnership firm can give the loan to partners.But you have to keep in mind U/S 269SS/269T provision.If normal interest charged by the firm it can be credited to p&l account.
31 July 2011
i agree with R.SURESH SHRINIVASAN
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