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Income from partner to firm
income from partner to firm is recorded in which account p&l a/c or p&l appropriation a/c
Replies (4)
ALL INCOME IS SHOWN UNDER SALES. SOMETIMES INTEREST IS ALSO TREATED AS INCOME. SO WHEN A PARTNER DRAWS MONEY AND PAYS INTEREST, IT CAN BE CALLED AS INCOME FROM PARTNER. (INTEREST ON DRAWINGS)
Where it will record
INTEREST ON DRAWINGS IS DEBIT TO PARTNERS CAPITAL/CURRENT ACCOUNT AND CREDIT TO APPROPRIATION ACCOUNT.
NORMAL INCOME IS CREDIT TO PROFIT AND LOSS
INTEREST ON DRAWINGS IS DEBIT TO PARTNERS CAPITAL/CURRENT ACCOUNT AND CREDIT TO APPROPRIATION ACCOUNT.
NORMAL INCOME IS CREDIT TO PROFIT AND LOSS
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