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Partnership

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 February 2012 while preparing profit n loss appropriation account we debit interest on partner loan , but its a charge against the profit and in order to claim deduction in income tax we should debit it in profit and loss account .....y we debit it in proft and loss appropriation account ???
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
12 February 2012 Since it is expenses paid to business owners and nature of profit distributed to partners.so debiting to p&l appropriations a/c.
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
12 February 2012 Agree with the above expert.
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