Book Profit(Net Profit) used for Partner Salary calculation for allowed deduction from Income for LLP
a} Book Profit = Income - Expenses* - Depreciation
b} Book Profit = income - Expenses*
(* Allowed Expenses without any sal to Partner)
a or b?
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Llp book profit for partner salary calculation
Replies (1)
A) Bcz Depericiation & Expense is debited to p&l a/c and salary is debited to p&l appropriation as anythng given to partners is charge against profit appropriation
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