Accounting entry for share in profit from a partnership firm

Bansaldk (16 Points)

07 September 2013  

Dear All,

Can any body guide me how will be the accounting entry to be passed in the books of a Pvt. Ltd. company having partner in a Partnership Firm and received share in profit.

Should Pvt. Ltd. company required to get tax audit done in case share in profit from Partnership Firm is more than 1 CR..



CA Dharmendra Bansal