Ltd company has loss from a partnership
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Hello
Could someone please help?
Ltd company has rental income only and no trading income
The Ltd company is also a 50 % partner in a trading partnership.
The partnership made a loss, so far it has not yet made a profit.
I have no problem in accounting for any profit, assuming I treat this is trading income.
Do I treat the loss in the same way on the Ltd company's accounts?
Can the loss be relieved against other income in the same year?
What is the balancing entry?
Cr Income
Dr ??? would it be other creditors?
Thank you
Could someone please help?
Ltd company has rental income only and no trading income
The Ltd company is also a 50 % partner in a trading partnership.
The partnership made a loss, so far it has not yet made a profit.
I have no problem in accounting for any profit, assuming I treat this is trading income.
Do I treat the loss in the same way on the Ltd company's accounts?
Can the loss be relieved against other income in the same year?
What is the balancing entry?
Cr Income
Dr ??? would it be other creditors?
Thank you
0
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