LLP Member Profit Allocation

This screen is used to record the LLP members profit allocation.

Trading Year End Date

This date represents the trading year end date. The date can either be entered manually or selected from the pop-up calendar by clicking the calendar icon.

Profit to be Shared

Enter the total amount of profit to be shared amongst the LLP members. As this is entered the individual members share is shown in the box below.

Members Share

Enter the amount of profit the individual LLP member is to receive.

To Be Paid

Enter the amount of profit that is to actually be paid out to the individual LLP member. Postings are as follows:-

Debit: Allocated Profits to be Paid (Profit & Loss)
Credit: Members Loans - Allocated Profits (Balance Sheet pending payment)

Unpaid

The amount of profit to the individual LLP member that is to be retained by is computed and displayed. Postings are as follows:-

Debit: Allocated Profits to be Retained (Profit & Loss)
Credit: Retained Other Reserves (Balance Sheet)