Partners Remuneration
This query is : Resolved
05 June 2009
how to create partners remuneration account.
05 June 2009
can't understand please elaborate your question.
05 June 2009
Remuneration amount can be as per partnership agreement or as agreed between partners.
When remuneration is paid to partner, debit Partner's remuneration and credit payable/ cash / bank account as the case may be.
Remuneration paid to partner is not deductible from income under section 40 (b)of Income Tax Act.
When remuneration is paid to partner, debit Partner's remuneration and credit payable/ cash / bank account as the case may be.
Remuneration paid to partner is not deductible from income under section 40 (b)of Income Tax Act.
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