Set off and carry forward of loss

ashish (consultant) (22 Points)

28 December 2016  

My client is carrying on restarunet business as a partnership firm in which he iincurs a loss of Rs.800000, In addition to this he also operates another business as sole propritor in which there is a profit of Rs 500000. Now he want to wind up the operations of partnership firm......Weather loss or Rs 800000 is of any use for him or it is worthless?