is there any limit for a director of a partnership firm for cash withdrawal
5 Replies
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 23 May 2017
Your question is not clear... The partner wants to withdraw cash for what purpose?
you talking about cash withdraw form bank?
Or the cash withdraw from limit from partnership firm?
rocky
(accountant)
(948 Points)
Replied 23 May 2017
cash withdrawal from firm for his personal expenses
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 23 May 2017
You can make a ledger name Drawing a/c under capital group and debit the drawing a/c.
Or you directly debited the capital a/c.
There is no problem If capital balance will be shown as nagative or Dr. balance.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 23 May 2017
if the partners capital balance is negative and if the firm has borrowed capital, then interest on borrowed capital will be disallowed to the extent of debit balance in partners capital account (interest portion)
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