Contribution on dissolved partnership firm

This query is : Resolved

KESABA PADHY (Querist)
Follow

07 June 2014 ABC Pvt Ltd is a Partnership in XYZ Co. Due to loss in partnership firm,they are going to dissolve the firm. After realisation of assets the partners are liable to pay the creditors. Suppose ABC Pvt Ltd gives Rs.10 Cr , than what's the accounting and tax effect of this contribution in the books of ABC Pvt Ltd.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

07 June 2014 the partner ABC Pvt ltd is pouring 10CR. Debit XYZ Co, credit Bank
No any income tax effect.
(Now the catch is under which group XYZ account is classified by ABC Pvt Ltd.....may be investment?)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MURALIKRISHNA EDDANAPUDI

Ashutosh Purohit

K.S. ANANTHARAJAN

Rasheed Mohd Abdul

Ravi

Subscribe Now

Contribution on dissolved partnership firm

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

Accountant

GST CONSULTANT

Article Assistant

GST CONSULTANCY