How does the accounting treatment of a partner's salary
differ from that of an employee's salary in a partnership?
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Answer / satyaki_raju@yahoo.com
Kavitha do you know what you are answering
Limitation to partners salary will be fixed by sec 40b of
the income tax act and the salary will be credited to his
capital at the end of the year.
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Answer / kavita
in parter salary limit is provided to professional and non
professional and 12%interest is given.
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Mr.Jadhike owns a fleet of taxis adn the following information are available from the records maintained b him: 1.Number of taxis 10 2.salary of manager 600pm 3.cost of each taxi 20000 4.salary of cleaner 500pm 5.salary of mechanic 400 pm 6.garage rent 600pm 7.insurance premium 5%pa 8.annual tax 600 per taxi 9.driver salary 200 pm per taxi annual repair 1000 per taxi total life of a taxi is about 200000 kms. a taxi runs in all 3000kms in a month of which 30% it runs empty. Petrol consumption in one litre for 10kms@1.80 per litre. Oil and other are rs 5 per 100 kms calculate the cost of running a taxi per km 5
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