I would like to know the Information about Partner's Salaries and Interest on Capitals In the partnership Firm which basis i should give and opening balance or debit credit transactions which is the correct way kindly send me answer and keep update me new queries and answers
18 April 2012
you can not give direct enry of partner salary and remuneration in FIRM CAPITAL A/C. you have to debit in profit and loss a/c mandatory. because it is not a payment in cash but it is passed by jv.
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