Book Profit(Net Profit) used for Partner Salary calculation for allowed deduction from Income for LLP
a} Book Profit = Income - Expenses* - Depreciation
b} Book Profit = income - Expenses*
(* Allowed Expenses without any sal to Partner)
a or b?
Mathew (Accounts lead) (46 Points)
14 July 2016Book Profit(Net Profit) used for Partner Salary calculation for allowed deduction from Income for LLP
a} Book Profit = Income - Expenses* - Depreciation
b} Book Profit = income - Expenses*
(* Allowed Expenses without any sal to Partner)
a or b?
AbhiBahri
(Student)
(31 Points)
Replied 17 July 2016
A) Bcz Depericiation & Expense is debited to p&l a/c and salary is debited to p&l appropriation as anythng given to partners is charge against profit appropriation
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