logic right

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survesh (Querist)
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16 April 2010 My firm is a partnership firm.the partners of the firm take salary and also withdraw amount in the way of Credit Card Expenses & Transferd to saving ac.while finalisation their capital is debit bal.

While filing their personal Income tax return can I prepair their Personal Ac Can i Pass all Dr. to their Presonal Expenses & Credit Firm ac.

Eg: Credit Card:(Shopping Done)
Drawings Dr
Firm Cr
is it right way of accounting.

The partners have purchased car,made some fds,Mutual funds. This should be shown in their personal ac the purchas are in their Individual name.

Please guild me so that i can maintain their Personal Ac in Tally or should not maintain

Is accounting to be done for Partners personal Return.

Regards

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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17 April 2010 yes, you are write,
you can maintain a/c in tally.

it is better to accounting to be done for Partners personal a/cs for future purpose.