28 June 2018
DEAR MADAM/SIR, WHILE FINALIZING PARTNERSHIP FIRM ACCOUNT, PARTNERS INDIVIDUAL S/B ACCOUNTS BANK CHARGES AND S/B INTEREST SHOULD BE TRANSFER TO PROFIT AND LOSS A/C OR NOT. CASH DEPOSITS ARE DRAWINGS FOR PARTNERS PLEASE GUIDE ME
28 June 2018
Partners individuals Accountant not required to account in partnership Account, any drawings salary, Interest etc either adjusted partners capital account or partners current a/c.
29 June 2018
thank you sir, for your kind reply, because previous year auditor transfer the bank charges and s/b interest to profit and loss a/c and as expenses and income therefore is this correct method to accounting or not so confused regards
CAclubindia
