18 September 2009
i m running a partnership firm .firm is incurring losses & as per my deed i & my partner is entiled to 12% interest on capital .can i claim so & can there be loss on account of interest on capital
18 September 2009
If there is a stipulation in the deed,interest is to be charged in the accounts. Otherwise the accounts prepared will not be in accordance with the provisions of the deed.
CAclubindia
