Contribution on dissolved partnership firm
This query is : Resolved
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.
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?)
No any income tax effect.
(Now the catch is under which group XYZ account is classified by ABC Pvt Ltd.....may be investment?)
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