Assests purchased

yes mohd. u can do it

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 

 

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)

Can you tell me how to pass entry of partner remuneration in tally with detail. which head and group should i create and entry for remuneration still unpaid and paid both.

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

        

Is this entry is right:- profit 7465- Tax 2310= Profit after Tax 5155  (A) 2577.5  (B) 1288.75 (C) 1288.75 } 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.                                      5155                          To profit and loss appropriation a/c                            5155 3. when profits transferred to partners capital a/c's             profit and loss appropriation a/c dr.                5155                           To partner A capital a/c                                              2577.5                         To partner B capital a/c                                               1288.75                         To partner C capital a/c                                               1288.75 Can you tell me the entry for remuneration in detail as like the entry you told  me for profit distribution. Can you tell me how to pass entry of partner remuneration in tally with detail. which head and group should i create and entry for remuneration still unpaid and paid both

Is this entry is right:- profit 7465- Tax 2310= Profit after Tax 5155  (A) 2577.5  (B) 1288.75 (C) 1288.75 } 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.                                      5155                          To profit and loss appropriation a/c                            5155 3. when profits transferred to partners capital a/c's             profit and loss appropriation a/c dr.                5155                           To partner A capital a/c                                              2577.5                         To partner B capital a/c                                               1288.75                         To partner C capital a/c                                               1288.75 Can you tell me the entry for remuneration in detail as like the entry you told  me for profit distribution. Can you tell me how to pass entry of partner remuneration in tally with detail. which head and group should i create and entry for remuneration still unpaid and paid both

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

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