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Q. > Please Help: Accounting & Income Tax
A & B has construted a warehouse & taken a loan from a bank for construction. A & B give the warehouse on Rent. Both getting rent and payment the loan. after 1 year they become partner and make a firm. Now firm operate the warehouse and rent recived in Firm's Bank A/c but for payment of loan, A & B recive the amount from firm's A/c to personal joint a/c and payment the loan Installment.But Warehouse & Loan not transfer to firm's Name.
My Question is How to calculate firm's Profit. Intt. paid on loan dr. to Firm's P&L A/c - Yes/Not. Warehouse Value & Loan Bal. taken in Firm's B/S as a capital contribute by partner - Yes/Not.
If Warehouse taken in Firm's B/S then any Capital Gain Arise.
If loan not taken in Firm's B/S then amount transfer from Firm's a/c to personal joint a/c is taken as Drawing.
Please give the answer with sec.
Experts Panelist
Comments
Kuldeep Loura
10-Jul-2012 , 03:54:03 pmPlease give me answer.