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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?
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