Sir, I need clarification in the accounting of Partners remuneration
Where to show remuneration from partnership firm in financials of a partner. whether in Capital A/C or Profit and Loss A/C for Accounting and Income tax purposes.
Thank You
Sir, I need clarification in the accounting of Partners remuneration
Where to show remuneration from partnership firm in financials of a partner. whether in Capital A/C or Profit and Loss A/C for Accounting and Income tax purposes.
Thank You
Remuneration to Partners is not the share of any profit of the firm. It is assessable to tax in Partner's hand. Hence should be credited to Profit & Loss account in the Partner's books of accounts.
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