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Firm profit to be transfer to partners

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 September 2011 Is it is mandatory to transfer Profit after tax to partners Current account . can it be shown as reserves.

Partnership deed states only profit sharing ratio to partners but does not state transfer of profits to capital account.

Plz Help....
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
17 September 2011 Yes...NO such criteria...just make change in deed...you can show as reserve...and can also transfer to partners capital account...

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