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Negetive capital account in partnership


Noor arora (student)     08 April 2019

Noor arora
student 
 3 likes  121 points

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WHAT IS THE TREATMENT OF NEGETIVE CAPITAL ACCOUNT OF ONE PARTNER IN PARTNERSHIP?

WHAT IS THE REPORTING REQUIREMENT AND TAXATION IF ANY

avater

RAJA P M ("Do the Right Thing...!!!")     08 April 2019

RAJA P M
"Do the Right Thing...!!!" 
 8321 likes  113783 points

View Profile | My Other Post

If partner's capital will fall under negative then it will be shown under Current Asset in the BS...

avater

Noor arora (student)     09 April 2019

Noor arora
student 
 3 likes  121 points

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ok sir..is there any legal provision which prohibits negetive capital account or are there any tax provisions of excessive drawing


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