Interest On Loan
This query is : Resolved
30 September 2009
Dear All,
Mr. Z is a partner of Firm,He take a loan from the Fincinical Institute and given to the firm for business use.
1) EMI paid from Partner's Account
2) Firm repaid the EMI
is interest paid by firm will be consider income of the partner?
Mr. Z is a partner of Firm,He take a loan from the Fincinical Institute and given to the firm for business use.
1) EMI paid from Partner's Account
2) Firm repaid the EMI
is interest paid by firm will be consider income of the partner?
01 October 2009
yes interest receivd shall be income but in turn interest paid to that FI will be expense,
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