If there is loss from partnership firm then whether we can transfer it to capital account of partners if yes then how loss will be carried forward by firm in tax return, and if not then loss from partnership firm will be shown in balance sheet
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Related to loss from partnership firm
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Loss or Profit, both are transferred to partners capital account. It is a presentation thing.The tax computation under the head business could begin from the Profit/Loss before as tax as per P/L account. Presentation of Loss in accounts has not linkage to carry forward of Loss in tax return.
Yes, both are separate things .
it's nothing to do with carry forward and set off of loss of firm in future years..
In books of accounts it's transferred to partner's capital account
it's nothing to do with carry forward and set off of loss of firm in future years..
In books of accounts it's transferred to partner's capital account
Any loss in partnership firm will be distributed to partner's capital account just like a profit
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