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
40A(3) disallowance
Page no : 2
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 13 October 2017
and in firm's books, no point of allowance or disallowance, because it will show partner as creditor for that amount paid by him.
Akarsh Prince
(47 Points)
Replied 13 October 2017
@ Venkatesh - sir can u please restate last to text so that I can understand better...
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
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(aa)
(339 Points)
Replied 14 October 2017
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Akarsh Prince
(47 Points)
Replied 14 October 2017
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(aa)
(339 Points)
Replied 14 October 2017
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