Interested to Buy Any Domain ? << Click Here >> for more details...
How Adjust The Amount Taken By Partners For Personal Use? Is
The Entry For Drawings? Even If The Amt Exceed 5 Lakhs Or As
Partners Loan If Its Not Recovered Even After 1 Year? Discribe
All.
- 1 Answers
- 3278 Views
- I also Faced
- E-Mail Answers
Answer / jitu
if business is not that much large then this amt of five
lacs is a very large so it should be consider as loan given
to partner and certain percentage of interest should be
recovered from him, if business is very large and five lacs
is not having more impact on running of business it should
be considered as drawing of the partner and if interest on
draweing is not mentioned firm can not charge interest on
drawing same case in loan also but ya because of this
conflicts arise between partners and business go in to
liquidation.
| Is This Answer Correct ? | 3 Yes | 0 No |
What is accounting entity concept? why is it important in Accounting.
When a business man take his net profit from his firm, how will make the entry in cash book?
what is the difference between cheque dishounerd and cheque bounced?
Explain . 1. Retail Invoice. 2. Tax Invoice. 3. Commercial Invoice. 4. E1 Invoice.
5 Answers DELL, Deloitte, Uninor,
What is standing order
Sales tax waybill is required for how much value of invoice (for example we raise Rs.1000 bill is waybill required in andhra pradesh)
What is balance sheet and off balance sheet?
when we purchase of tractors and two wheeler vehicle from other state what we get taxes exemptions
What is definition of a cash float in accounting?
how to calculate the per unit cost of production
Month end closing entries with example
Our company is in manufacturing stage and we had paid advance payment to several suppliers for some construction purposes. As manufacturing stage I want to treat it as Capital work in progress.So kindly advise how can we pass the entries for the same.
1 Answers Reflective Aluminium Glass,
Audit 
