How can I make entry in case of payment made to old partners b
y existing partners if the payments were not recorded or it is made privately without taking cash from business?
Can I make entry like this
Retiring partner a/c Dr
To Existing partner capital
need urgent help.
With regards Rahul
Firstly, Why payment is made to old partners,
for Goodwill or part of any contract,
Second if not for any of above resons then not required for books in firms books it will be considered for individual partners taxation
CAclubindia
