This guide is in English for now. The tool itself works in your language.
Nivesh Sahayak App › Help › Accounts and final accounts
Partnership firm and LLP accounts
For a partnership firm or LLP the App shares the net profit among the partners: interest on capital, partners' salary, then the rest in the profit ratio, and keeps a capital account for each partner.
Step by step
- Set the business type and partners. My data › My businesses › edit the business: Type of business Partnership firm or LLP, then each partner's name, share %, interest % a year and salary a year.
- Record capital and drawings by partner. In Capital and loans, type the partner's name in Owner or partner name.
- Open Partners' accounts. Final accounts › More accounts › Partners' accounts, choose the period.
- Read the appropriation and capital accounts. Net profit, interest on capital, partners' salary, profit shared in the profit ratio; then each partner's Opening, Capital brought in, Interest, Salary, Share of profit, Drawings and Closing.
Worked example
Net profit ₹6,00,000. Partners A and B, capital ₹10,00,000 and ₹5,00,000, interest 12%, salary ₹1,20,000 each, profit ratio 1:1. Interest: A ₹1,20,000, B ₹60,000. Salary ₹2,40,000. Left: ₹6,00,000 − ₹1,80,000 − ₹2,40,000 = ₹1,80,000, shared ₹90,000 each.
Rules and dates
Income-tax allows interest on capital up to 12% a year and partners' remuneration only within the limits worked out on book profit, and only when the partnership deed allows them (section 40(b) of the Income-tax Act, 1961, carried into the Income-tax Act, 2025). The App shows hints and warnings but does not enforce them; check with your accountant.
Common mistakes and how to fix them
- No partners shown. The message No partners yet means the business type or partners are not saved in My data.
- No profit shares given. The profit is then shared equally.