CASH BALANCE IN PARTNERSHIP

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This discussion addresses a partnership firm's cash balance of Rs 34 lakhs, with no cash deposits made during the year. The core issue is whether this balance aligns with the firm's turnover of Rs 6 crores. It's clarified that if cash sales alone exceed Rs 34 lakhs, the cash balance is not problematic.

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(Querist)
31 March 2023 Dear All,

There is a cash balance 0f Rs 34 lakhs in partnership firm , there is no cash deposits during the year.

please advise
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 April 2023 Turnover should match with cash balance.
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NAGA KRISHNA Shasthri

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NAGA KRISHNA Shasthri (Querist)
01 April 2023 Sir Turnover Rs 6 crores
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 April 2023 No problem in such a case when cash sales exceeds 34 lacs.
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