Can i Purchase Mobile on partnership firm name and show it in fixed assest as it is going to be used for business.
mohd irfan (acct.) (82 Points)
06 February 2018Can i Purchase Mobile on partnership firm name and show it in fixed assest as it is going to be used for business.
Preeti (Team_GSTSoln)
(Team GST Experts)
(1926 Points)
Replied 06 February 2018
yes mohd. u can do it
mohd irfan
(acct.)
(82 Points)
Replied 06 February 2018
A.Y 2017-18
Net Profit 7465.00
Tax paid 2310
my question is how can i distribute this profit with 3 partners with 50% and 25,25% if I share 7465 for partner
(A) 3732.5 (B) 1866.25 (C) 1866.25 or By less Tax 7465-2310=5155 (A) 2577.5 (B) 1288.75 (C) 1288.75
than how will i pass this entry in tally as profit in Balance shows 7465 if i transfer the share to partner capital account after tax than the remaining
satish
(teaching)
(2046 Points)
Replied 06 February 2018
here you need to transfer profit to partners capital after taxation.
better to create provision for taxation for the next assessment year (estimated amount of tax)
mohd irfan
(acct.)
(82 Points)
Replied 07 February 2018
satish
(teaching)
(2046 Points)
Replied 07 February 2018
1. open a ledger as - profit and loss appropriation a/c
under - primary
2. transfer profit to profit and loss appropriation a/c (profit after taxation)
profit and loss a/c dr.
to profit and loss appropriation a/c
3. when profits transferred to partners capital a/c's
profit and loss appropriation a/c dr.
To partner's capital a/c
mohd irfan
(acct.)
(82 Points)
Replied 08 February 2018
mohd irfan
(acct.)
(82 Points)
Replied 08 February 2018
satish
(teaching)
(2046 Points)
Replied 08 February 2018
1. entry for remuneration to partners out of profits
profit and loss a/c dr.
To Remuneration to partner's
2. remuneration transferred to partner's capital
remuneration to partners Dr.
To Partner's capital a/c
mohd irfan
(acct.)
(82 Points)
Replied 15 February 2018
Their is no option/name in tally to create the above mentioned entry, in ledger no primary option available
1. open a ledger as - profit and loss appropriation a/c under - primary
2. transfer profit to profit and loss appropriation a/c (profit after taxation)
profit and loss a/c dr.
to profit and loss appropriation a/c
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