Notional Profit in case of Drawings of a Partner?

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  1. bhanu jain

    bhanu jain New Member

    abc is a partnership firm which is doing the business of selling the television 35 inc lcd tv. selling price 35000 and cost price 30000
    A is partner in partnership firm. He withdrawal 1 television from partnership firm at a cost of rs 30,000 can a notional profit arise to firm of rs 5000.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    It depends how you show this in drawings.

    If you show drawings as Rs. 30,000 - then there is no gain but if you show the drawings as Rs. 35,000 - then there is a notional gain of Rs. 5,000
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