02 September 2021
Sir, A partnership firm working in two partners.purchases of agriculture land rs:10 lacs value name for 1st partner.but payment rs:8 lacs 1st partner and rs:2 lacs 2nd partner. Question: Purchase of agriculture land rs:10 lacs value show in partnership firm and partners individual account in it act.
02 September 2021
Partnership firm purchased the agricultural land, so show it in partnership firm. Land can't be purchased in firm's name as it's not a legal entity.
CAclubindia
