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(Querist)
17 June 2018 Is Profit of Partnership Firm to be distributed in the current year or in the Next Year?
Is the Profit of Firm is to be added to the capital of Current year? or distributed in the next financial year so that the capital increase.
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
17 June 2018 profit of partnership firm is to be apportioned in profit sharing ratio in the same year when the profit was earned i.e. is to be added to capital account It is not necessary to transfer the profit to partners bank account
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CA Siva Kumar Reddy

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CA Siva Kumar Reddy (Querist)
18 June 2018 So the Closing Balance of capital after adding the profit will carried over to next year as opening Balance?
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
18 June 2018 Yes, you are correct
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