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interest on partners loan

CPT 996 views 4 replies
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5 Points Posted on 26 July 2018
what will be Accounting treatment of interest on loan given by a partner to firm
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On 26 July 2018 at 15:08 Report
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Chartered Accountant
4524 Points Posted on 26 July 2018
It is a charge against profits. It is provided irrespective of profits or loss. It will also be provided in the absence of Partnership Deed @ 6% per annum. 
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On 26 July 2018 at 15:44
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intern
2216 Points Posted on 26 July 2018

The journal entry would be :

P&L ... Dr

     To, partner's loan A/C  

Accordingly, make the ledger entries

67 Reply
On 26 July 2018 at 15:59
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5 Points Posted on 26 July 2018
But in module interest was shown p&l appropriation a/c Also in book of Hanif Mukherjee
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On 26 July 2018 at 16:31
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5 Points Posted on 26 July 2018
According to partnership act any payment made to partner except rent must be shown in P&L App a/c
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On 26 July 2018 at 16:33


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