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Patner ship

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 October 2010 IF THE PROVISIONAL BALANCE SHEETS OF A PARTNERSHIP FIRM IS SHOWING TOO MUCH PROFITABILITY, THEN SUGGEST FIVE METHODS FOR REDUCING THE PROFIT FIGURES OF THAT FIRM.
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CA Vinay Gandhi

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CA Vinay Gandhi (Expert)
16 October 2010 Give the maximum remuneration allowed
Provide for interest on capital.
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Querist : Anonymous

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Querist : Anonymous (Querist)
16 October 2010 i m not under stand. plz explain me.
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CA Vinay Gandhi

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CA Vinay Gandhi (Expert)
16 October 2010 Maximum remuneration as per Income tax act is as follows:-
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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