DISSOLUTION OF PARTNERSHIP DEED OF A FIRM
This query is : Resolved
29 September 2022
DEAR SIR,
ONE OF MY FRIEND RUN A PARTNERSHIP FIRM FROM PAST 10 YEARS. PARTNERS OF THE FIRM ARE HIS MOTHER AND HIS BROHTER AND HIM. NOW HE WANTS DISSOLUTE HIS FIRM. BUT THE PROBLEM IS THERE IS NO CASH BALANCE AND BANK BALANCE ENOUGH TO REPAY THE PARTNERS CURRENT ACCOUNT AND CAPITAL ACCOUNT BALANCE. NEARLY HE NEEDS MORE THAN MEANS EACH PARTNER SHARE 6,75000/- EACH TOTAL 2025000/-. AND CURRENT ACCOUNT BALANCE NEARLY 1300000/- SO HIS BUSINESS SALES NOT ENOUGH TO MEET THE REPAYMENT OF PARTNERS SHARE. NOW HOW TO RESOLVE THIS PROBLEM. ALL PARTNERS ARE MEMBERS OF FIRM AND WILL NOT CREATE OR RISE ANY DISPUTE IN THE MATTER OF HIS SHARE OF INVESTMENTS IN THE FIRM.
PLEASE I NEED YOUR VALUABLE GUIDENCE TO RESOLVE THE PROBLEM
THANKING YOUR SUGGESTIONS
REGARDS
ONE OF MY FRIEND RUN A PARTNERSHIP FIRM FROM PAST 10 YEARS. PARTNERS OF THE FIRM ARE HIS MOTHER AND HIS BROHTER AND HIM. NOW HE WANTS DISSOLUTE HIS FIRM. BUT THE PROBLEM IS THERE IS NO CASH BALANCE AND BANK BALANCE ENOUGH TO REPAY THE PARTNERS CURRENT ACCOUNT AND CAPITAL ACCOUNT BALANCE. NEARLY HE NEEDS MORE THAN MEANS EACH PARTNER SHARE 6,75000/- EACH TOTAL 2025000/-. AND CURRENT ACCOUNT BALANCE NEARLY 1300000/- SO HIS BUSINESS SALES NOT ENOUGH TO MEET THE REPAYMENT OF PARTNERS SHARE. NOW HOW TO RESOLVE THIS PROBLEM. ALL PARTNERS ARE MEMBERS OF FIRM AND WILL NOT CREATE OR RISE ANY DISPUTE IN THE MATTER OF HIS SHARE OF INVESTMENTS IN THE FIRM.
PLEASE I NEED YOUR VALUABLE GUIDENCE TO RESOLVE THE PROBLEM
THANKING YOUR SUGGESTIONS
REGARDS
02 October 2022
Convert the balance to loan account.
02 October 2022
thank you sir,
after convert into loan account partnership deed should become amended or dissolved. then how many years can maintain loan account.
regards
after convert into loan account partnership deed should become amended or dissolved. then how many years can maintain loan account.
regards
03 October 2022
Better to clear it off in about 3 to 4 years.
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
- Query Regarding on TDS section 194H and 194J
- Fixed Deposit Claim Relinquishment by the Nominee
- NR GST NUMBER
- ITR 6 Schedule CFL and UD Issues
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- TDS RATE ON RENT PAID TO NRI
- Not a CA , can we prepare balance sheet
- FREELANCING ACCOUNTANT
- GST Form ADT-02
- For REQUIRE INDIVIDUAL GST
- Query reg: Accounting standard, Indian Accounting Standard, IFRS, GAAP, Cost Audit, Frontend audit
- GST Refund SB005 Error
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
