hi friends ... i m a student of cpt n i hv some problems in partnership ac... when we give salary to partners or intrest to partners, we do it thru pl appropriation ac.... but no effect is given to cash...why so ??.... pls explain/correct me.... pls reply
3 Replies
Nirmal
(Audit Assistant)
(58 Points)
Replied 12 August 2012
normally parter salary & interest is provided in books at year end & in deed salary & interest is mentioned, it is not necessary partner will compulsary withdarw the aforesaid.normally salary,int is credited to partner a/c then partner withdraw from capitl a @ c as when he need.
pooja
(student cpt)
(93 Points)
Replied 13 August 2012
ok it means then it will be a case of drawings.........
Uma
(Student)
(158 Points)
Replied 14 August 2012
Partner can draw it as a cash or finished goods or raw material
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