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A partnership firm have a building given as rent
a partnership firm have a building given on rent to partner and partner gives rent does the partner has to pay the rent in cash/bank or adjust from his capitals a/c??
Replies (3)
Rent should be paid through cash/bank
Why we doesn't adjust it form capital account ??
Page 79 2-Ch. (Partnership Firm-Basic Concepts (Ver.-5).pmd (ncert.nic.in)
After deducting al the expenses, the net income goes to appropriation account where partners expenses are detailed. page 74 2-Ch. (Partnership Firm-Basic Concepts (Ver.-5).pmd (ncert.nic.in)
Rent is related to company and hence shown in income statement. Anything related partners, it is shown in appropriation account.
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