Treatment of partners capital and drawings in personal bs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2018
Dear experts,
how to show the closing capital and drawings of partners in partnership firm to their individuals balance sheet?
suppose partner A and partner B having capital at the end of 31st March is rs 950000 each.
They both withdrew rs 350000 each from the partnership firm.
My question is when they filed individual return where to show the capital and drawings in their personal balance sheet?
how to show the closing capital and drawings of partners in partnership firm to their individuals balance sheet?
suppose partner A and partner B having capital at the end of 31st March is rs 950000 each.
They both withdrew rs 350000 each from the partnership firm.
My question is when they filed individual return where to show the capital and drawings in their personal balance sheet?
Rajnish Singh
(Expert)
09 November 2018
in their personal balance sheet investment in company will be reduced and cash will be increased with drawing amount.
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