How to calculate book profit in partnership firm
This query is : Resolved
04 September 2014
Profit of a Firm Rs3000/=
Interest on Capital @ 12 % = Rs60000/-
Partners Salary paid and Debited = 240000/=
Book Profit is 303000/-
Eligible Partners Salary is 90% of 303000
which is 272700 . In this case 240000 is OKay . No Amount Inadmissible .
Net Profit is 3000/- . Tax to be paid @ 30% plus Cess etc .
Is the Calculation Correct ??
Please reply at the earliest .
Interest on Capital @ 12 % = Rs60000/-
Partners Salary paid and Debited = 240000/=
Book Profit is 303000/-
Eligible Partners Salary is 90% of 303000
which is 272700 . In this case 240000 is OKay . No Amount Inadmissible .
Net Profit is 3000/- . Tax to be paid @ 30% plus Cess etc .
Is the Calculation Correct ??
Please reply at the earliest .
28 July 2024
https://docs.google.com/document/d/1BEEQeJjs_DH0NbTnB5Cx8OyodLE4F6Xm57ZFXHeKmkU/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
