Income from partner to firm
Atharv Sankliya (1354 Points)
20 December 2021
income from partner to firm is recorded in which account p&l a/c or p&l appropriation a/c
4 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 21 December 2021
ALL INCOME IS SHOWN UNDER SALES. SOMETIMES INTEREST IS ALSO TREATED AS INCOME. SO WHEN A PARTNER DRAWS MONEY AND PAYS INTEREST, IT CAN BE CALLED AS INCOME FROM PARTNER. (INTEREST ON DRAWINGS)
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 21 December 2021
INTEREST ON DRAWINGS IS DEBIT TO PARTNERS CAPITAL/CURRENT ACCOUNT AND CREDIT TO APPROPRIATION ACCOUNT.
NORMAL INCOME IS CREDIT TO PROFIT AND LOSS
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 21 December 2021
INTEREST ON DRAWINGS IS DEBIT TO PARTNERS CAPITAL/CURRENT ACCOUNT AND CREDIT TO APPROPRIATION ACCOUNT.
NORMAL INCOME IS CREDIT TO PROFIT AND LOSS
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
