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How Adjust The Amount Taken By Partners For Personal Use? Is
The Entry For Drawings? Even If The Amt Exceed 5 Lakhs Or As
Partners Loan If Its Not Recovered Even After 1 Year? Discribe
All.
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Answer / jitu
if business is not that much large then this amt of five
lacs is a very large so it should be consider as loan given
to partner and certain percentage of interest should be
recovered from him, if business is very large and five lacs
is not having more impact on running of business it should
be considered as drawing of the partner and if interest on
draweing is not mentioned firm can not charge interest on
drawing same case in loan also but ya because of this
conflicts arise between partners and business go in to
liquidation.
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