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Partners salary payment

S.S Bisht (Accounts Manager) (43 Points)

21 June 2017

please some tell me what will be accounting entry in tally of payment of Partners salary through bank.. what will be accounting entry

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13 Replies

Sunita Bisht (Article Trainee) (91 Points)
Replied 21 June 2017

1. At the time of Booking remuneration

Remuneration of partners Dr

To Partner A

To Partner B

2. At the time of payment debited from bank

Partner A Dr

Partner B Dr

To Bank A/c

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S.S Bisht (Accounts Manager) (43 Points)
Replied 23 June 2017

Thanku Sunita so Partner ledgr will be created in Capital account Head.

Can you plz Tell me What will be entry of Income Tax refund With Ledgr Head.

srinivas (Finance Manager) (239 Points)
Replied 25 June 2017

Hi,

Payment to partners is treated as remuneration, not salary.

At time of partner income tax filing, this amount is calculated under business income.

https://www.accounts4tutorials.com

mohd irfan (acct.) (82 Points)
Replied 07 February 2018

Hi if u have received the answer for your question

Partner ledgr will be created in Capital account Head. Can you plz Tell me What will be entry of Income Tax refund With Ledgr Head.

Kindly answer me the solution for the question you have asked.

MP (employed) (53 Points)
Replied 09 February 2018

Income tax refund entry (Refund 1000+ int 100=1100)

Bank a/c ...dr 1100

To interest on IT refund100

To Advance tax/ TDS (In Balance sheet)1000

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satish (teaching) (2046 Points)
Replied 09 February 2018

Bank Dr.

To Icome tax Refund

To Interest on IT refund

mohd irfan (acct.) (82 Points)
Replied 15 February 2018

What will be the entry for income tax paid from bank Rs 2300 in partnership firm and what will be the entry for tax payment and what will be the entry of profit distribution to partner and which head to create in tally for income tax.

mohd irfan (acct.) (82 Points)
Replied 15 February 2018

asak can u tell me the entry for Income tax and profit distribution for partnership firm.
their are 3 partners and Profit of firm is Rs. 7465 they paid tax Ts.2310
1. what will be the entry for tax payment and the head under which ledger will create in tally.
2. Profit sharing for 3 partners are 50% 25% and 25% what will be the entry in tally and which head to be create for this profit sharing between them.
I am confused in this tax entry and profit distribution after tax how to adjust this profit after tax in entry in tally.

satish (teaching) (2046 Points)
Replied 15 February 2018


Particulars	Amount (Rs)	Amount (Rs)

Profit before Tax		7465
Less: Taxation		2310
Profit to be transferred		5155
partner 1	2577.5
Partner 2	1288.75
Partner 3	1288.75
			Group
Income Tax Dr	2310		Indirect exp
To Bank		2310

Profit and loss Dr	5155
To P&L Appropriation A/c		5155	Primary

P&L Appropriation A/c Dr	5155
To Partner 1		2577.5
To Partner 2		1288.75
To Partner 3		1288.75

Law Aspire (CS) (755 Points)
Replied 17 February 2018

Originally posted by : srinivas
	Hi, Payment to partners is treated as remuneration, not salary. At time of partner income tax filing, this amount is calculated under business income. https://www.accounts4tutorials.com

what is the difference between Salary and Remuneration
Pls tell

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Sandeep Sharma (Accounts executive) (552 Points)
Replied 23 March 2019

Sunita mam, plz tell me how we will close remuneration account?

mohd irfan (acct.) (82 Points)
Replied 07 May 2019

I have some assets in my balance sheet which are no longer in service and i want to remove than kindly give me entry to pass in tally to remove it or written off as they become scrap All the below assets price as on 1-4-18 1) Compuer Rs 100 2) Cycle Rs50 3) Scooter Rs 80