what is the journal entry for partners remuneration payable to partners? please tell me the ledger under which head i opened the accounts? current liabilites or indirect expenses.
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Journal entry
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Remuneration to partner A/c [ledger group: indirect expense]
To Partner's Capital or Current A/c [ledger group: capital]
Very simple.
Partners Remuneration ac dr.
To Remuneration Payable Ac
Then,
P&L ac Dr.
To Partners Remuneration Ac
Once, you make payment,
Remuneration payable Ac dr.
To Bank ac
Classify Remuneration expense to indirect expense and make sure to classify payable under current liabilities.
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