Partners salary payment

1.  At the time of Booking remuneration

Remuneration of partners  Dr

            To Partner A

             To Partner B

2. At the time of payment debited from bank

 Partner A  Dr

Partner B   Dr

               To Bank A/c

Thanku Sunita so Partner ledgr will be created in Capital account Head.

Can you plz Tell me What will be entry of Income Tax refund With Ledgr Head.

Hi,

Payment to partners is treated as remuneration, not salary. 

At time of partner income tax filing, this amount is calculated under business income.

https://www.accounts4tutorials.com

Hi if u have received the answer for your question   

Partner ledgr will be created in Capital account Head. Can you plz Tell me What will be entry of Income Tax refund With Ledgr Head.

Kindly  answer me the solution for the question you have asked.

Income tax refund entry (Refund 1000+ int 100=1100)

Bank a/c ...dr 1100

To interest on IT refund100

To Advance tax/ TDS (In Balance sheet)1000

Bank                                     Dr.

      To Icome tax Refund

      To Interest on IT refund           

What will be the entry for income tax paid from bank Rs 2300 in partnership firm and what will be the entry for tax payment and what will be the entry of profit distribution to partner and which head to create in tally for income tax.

asak can u tell me the entry for Income tax and profit distribution for partnership firm.
their are 3 partners and Profit of firm is Rs. 7465 they paid tax Ts.2310
1. what will be the entry for tax payment and the head under which ledger will create in tally.  
2. Profit sharing for 3 partners are 50% 25% and 25% what will be the entry in tally and which head to be create for this profit sharing between them.
I am confused in this tax entry and profit distribution after tax how to adjust this profit after tax in entry in tally.

Originally posted by : srinivas
	Hi, Payment to partners is treated as remuneration, not salary.  At time of partner income tax filing, this amount is calculated under business income. https://www.accounts4tutorials.com

what is the difference between Salary and Remuneration
Pls tell

AT THE YEAR END SALARY TO PARTNER A/C IS TRANSFERRED TO P&L A/C