Llp capital introduced by partner

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 One of my client is an LLP and the partners of LLP have contributed land into LLP.

Now, crediting the amount of land to capital account results in increase in capital contribution of LLP and stamp duty payable on conveyance of land.

So my question is whether this amount being instead of crediting to capital account be credited to partners loan account, so that LLP need not bear the charges for increase in capital contribution?

Will doing this have any problems in future?

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 The preparation of a trial
balance is for:
(a) Locating errors of commission;
(b) Locating errors of principle;
(c) Locating clerical errors.
(d) All of the above

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2013 The preparation of a trial
balance is for:
(a) Locating errors of commission;
(b) Locating errors of principle;
(c) Locating clerical errors.
(d) All of the above

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