Patner ship
Querist : Anonymous
Provide for interest on capital.
Querist : Anonymous
In case of loss : Rs.1,50,000
On first Rs.3,00,000 of book profit : 90% of book profits
On balance book profit : 60% of book profits
Interest on capital upto 12% is allowed as per Income tax act.
Debit P&L a/c with the remuneration and interest on capital, profit will get reduced.
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