Can a partner

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1359 Points Posted on 12 November 2021
can a partner withdraw his salary/commission
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On 12 November 2021 at 21:17 Report
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Quick Summary
This discussion clarifies that partners can indeed withdraw their salary and commission, with specific journal entries provided for both cash and capital accounts. It also confirms that interest on drawings will be charged on these withdrawals, regardless of the capital method used.

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Chartered Accountant
24588 Points Posted on 12 November 2021
Yes why not..
1 Reply
On 12 November 2021 at 21:27
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1359 Points Posted on 12 November 2021
In cash ??
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On 12 November 2021 at 21:28
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CA
10436 Points Posted on 12 November 2021
Yes...
1 Reply
On 12 November 2021 at 21:32
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1359 Points Posted on 12 November 2021
And what its journal entries ??
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On 12 November 2021 at 21:41
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CA
10436 Points Posted on 12 November 2021
Salary Dr
To partner capital Cr.

Partner Capital Dr.
To cash Cr.
2 Reply
On 12 November 2021 at 21:48
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1359 Points Posted on 12 November 2021
In case of fixed capital method does use current account for that ???
1 Reply
On 12 November 2021 at 21:53
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CA
10436 Points Posted on 12 November 2021
Obviously there's no doubt in this. 🙂
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On 12 November 2021 at 21:59
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1359 Points Posted on 12 November 2021
Does interest on drawing is charged on that ?
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On 12 November 2021 at 22:01
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CA
10436 Points Posted on 12 November 2021
Yes it will be charged
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On 12 November 2021 at 22:07
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1359 Points Posted on 12 November 2021
On withdraw partner salary ??
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On 12 November 2021 at 22:08
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CA
10436 Points Posted on 12 November 2021
Yes...
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On 12 November 2021 at 22:10
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1359 Points Posted on 12 November 2021
Why? ??
1 Reply
On 12 November 2021 at 22:10

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