Treatment profit vs gross receipts transferred for partners capital account
This query is : Resolved
21 January 2023
sir,
A partnership firm professional income Gross receipts rs:12 lacs working two partners. gross receipts amount rs:12 lacs shared to two partners capital account (6 lacs +6lacs).but profit declared rs:50% 6 lacs profit transferred to partners capital account 3 lacs + 3 lacs.
Question:
Gross receipts vs profit difference amount show procedure partners capital accounts.
A partnership firm professional income Gross receipts rs:12 lacs working two partners. gross receipts amount rs:12 lacs shared to two partners capital account (6 lacs +6lacs).but profit declared rs:50% 6 lacs profit transferred to partners capital account 3 lacs + 3 lacs.
Question:
Gross receipts vs profit difference amount show procedure partners capital accounts.
21 January 2023
Show actual profit in partners capital account.
No need to show p and l and BS in ITR in case of presumptive taxation.
No need to show p and l and BS in ITR in case of presumptive taxation.
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