Changes in patenership
This query is : Open
salim shaikh
(Querist)
24 August 2013
in case of retirement cum admission of partner,
is there new partnership deed required..?
and if yes then what to do with old deed.
should i have to surrender it or not...?
is there new partnership deed required..?
and if yes then what to do with old deed.
should i have to surrender it or not...?
25 August 2013
Dear Shaikh
First DISSOLUTION shall be written.
PL and BS shall be drawn. Profit and Loss shall be distributed as per provision of old Partnership Deed. The account of Retiring Partner will become current account or sundry creditors.
NEW PARTNERSHIP DEED: On the next date a new Partnership Deed shall be written. The partners will be CONTINUING PARTNERS and NEW PARTNER.
Account Books will be started by taking the balances as per Balance Sheet drawn on DISSOLUTION DEED. And again PL & BS shall be drawn on 31st March
For the purpose of Income Tax and/or Service Tax and/or VAT etc. the figures of both the PL and BS.
In order to avoid two PL and BS concept usually and commonly the Partners gets retired on 31st March and New Partner joins on 1st April.
contact@vkbajaj.co.in
First DISSOLUTION shall be written.
PL and BS shall be drawn. Profit and Loss shall be distributed as per provision of old Partnership Deed. The account of Retiring Partner will become current account or sundry creditors.
NEW PARTNERSHIP DEED: On the next date a new Partnership Deed shall be written. The partners will be CONTINUING PARTNERS and NEW PARTNER.
Account Books will be started by taking the balances as per Balance Sheet drawn on DISSOLUTION DEED. And again PL & BS shall be drawn on 31st March
For the purpose of Income Tax and/or Service Tax and/or VAT etc. the figures of both the PL and BS.
In order to avoid two PL and BS concept usually and commonly the Partners gets retired on 31st March and New Partner joins on 1st April.
contact@vkbajaj.co.in
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
