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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

Balamurali Unnithan M S

CA Inter

3K+

10-Jul-21 10:47

263

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

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

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

Balamurali Unnithan M S

CA Inter

3K+

10-Jul-21 10:58

Thank you Ji.


Thread Starter

Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

3K+

10-Jul-21 11:02

MCQs Now