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interest exp

Hardi Tripathi (29 Points)

16 November 2018

how many types of interest is deductible from interest income of partner ship firm?

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Mayur Patil (Article) (1276 Points)
Replied 17 November 2018

Your question is not clear. Can you elaborate it?

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Hardi Tripathi (29 Points)
Replied 17 November 2018

interest exp of loan from finance company can be deducted from interest income from partner ship firm?

Mayur Patil (Article) (1276 Points)
Replied 17 November 2018

No, interest income should be separately shown credit side of p&l a/c and interest expenses debit side of p&l a/c.

We can't adjust interest expense from interest income.

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