To conclude :-
If firm reimburses,
Disallowed in partner's books
Allowed in company books
if firm not reimburses,
allowed in partner's books (if the partnership deed says that, the partners can spend for the company
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 13 October 2017
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 13 October 2017
Akarsh Prince
(47 Points)
Replied 13 October 2017
Ashok J
(CA Final)
(880 Points)
Replied 13 October 2017
As I understand you are saying "initially we pass journal entry for more than 10K and subsequently we reimburse to partner in cash and escape disallowance". It is wrong. If you reimburse the expenses of more than 10K in cash, it will attract disallowance.
You cannot defeat the provisions of the law by playing with Journal entries.
Hope its clear..
shobhit
(aa)
(339 Points)
Replied 14 October 2017
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Akarsh Prince
(47 Points)
Replied 14 October 2017
shobhit
(aa)
(339 Points)
Replied 14 October 2017
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Akarsh Prince
(47 Points)
Replied 14 October 2017
shobhit
(aa)
(339 Points)
Replied 14 October 2017
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