loss of partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 November 2010
A parntership firm constitued on 03.05.2009. Partnership firm could not start business up to 31.03.2010. But expenditure incurred during this period Rs. 4,20,212/-as a staff salary, office rent.It means firm incurred loss of Rs. 4,20,212 . What will be the treatment of this loss during the f.y. 2009-10. whether this loss will be distributed between partners in profit sharing ratio or whether loss will be capitalized as a pre-operative expenses and will be defferred in next 5 financial year if firm start the business in next financial year.
M Prabhakar Menon
(Expert)
18 November 2010
Partners share both profits and loss in the manner provided in their partnership deed. If there is no such deed the provisions of the Indian Partnership Act will apply
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- Issuing of delivery challan by seller of goods
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- 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
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
