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Partneship

Accountancy

In the Partnership Constitution, A recurring deposit in the name of the partner & the payment is done from the Firm's bank account. Can it take as an asset of the firm?

Balamurali Unnithan M S

CA Inter

★ 3K+

10-Jul-21 10:47

282

Answers (5)

Best Answer

Nisha Manikantan

No the payment will be taken as drawing in firms account and partner's balance sheet it will appear as an asset

To be more precise! The recurring amount deposit will be shown as drawings under that particular partners account And the RD in name of partner will be asset under partner's balance sheet

Nisha Manikantan

CA Final

★ 7K+

10-Jul-21 10:50

No the payment will be taken as drawing in firms account and partner's balance sheet it will appear as an asset

Nisha Manikantan

CA Final

★ 7K+

10-Jul-21 10:48

Cannot be taken as an asset of the firm. I'm I Right. Thank you Ji.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

10-Jul-21 10:58

Thread Starter

Balamurali Unnithan M S

Cannot be taken as an asset of the firm. I'm I Right. Thank you Ji.

Yes!

Nisha Manikantan

CA Final

★ 7K+

10-Jul-21 10:59

Thank you Ji.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

10-Jul-21 11:02

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