queries Regarding Partnership firm accounting
This query is : Resolved
21 June 2010
Sir,
Kindly suggest solution on the following queries related to Partnership firm accounting:-
1)Whole Share of profit allow to distribute in partners.
2) if not the as per rule how much retained and how
3) share of profit from partnerhisp is exempt in the hand of partners for income tax purpose
3) how much interest to be crdited on partners capital it is allow to credit higher than mentioned in partnership deed.
if have any valuable suggestion other than above for making a better management of accounting of parntership firm.
Akbar Saudagar
Kindly suggest solution on the following queries related to Partnership firm accounting:-
1)Whole Share of profit allow to distribute in partners.
2) if not the as per rule how much retained and how
3) share of profit from partnerhisp is exempt in the hand of partners for income tax purpose
3) how much interest to be crdited on partners capital it is allow to credit higher than mentioned in partnership deed.
if have any valuable suggestion other than above for making a better management of accounting of parntership firm.
Akbar Saudagar
21 June 2010
1) yes in ratios as per partenership deed, if deed is silent then equal.
2) In firm, there is no rule for retained the profit inplace of distribution to partenrs.
3) Yes, it is exempt in hand of partners because firm is already paying tax on it.
4) No, Interest can't be credited higher than which is provided in deed.
2) In firm, there is no rule for retained the profit inplace of distribution to partenrs.
3) Yes, it is exempt in hand of partners because firm is already paying tax on it.
4) No, Interest can't be credited higher than which is provided in deed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- EPF ECR NEW FILE SEP 17TH 2026
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TAX AUDIT ON PROFESSIONAL INCOME
- Oct 2025 Invoices
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Capitalgain tax purposes for valuation report compulsory
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Unable to File TDS Q2 Return – New TRACES Portal Error
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
