Loss on sale of fixed assets
This query is : Resolved
30 March 2017
A partnership firm making a loss of 10 lacs during the year and that is because it transferred its assets to a partner at scrape value i.e. loss because of loss on sale of assets.
But now partners do not want to show loss in P&L a/c of firm,
And they want to transfer such loss in their respective Capital accounts and not in P&L
So can they do so ??
But now partners do not want to show loss in P&L a/c of firm,
And they want to transfer such loss in their respective Capital accounts and not in P&L
So can they do so ??
30 March 2017
Yes they can do such adjustment.
30 March 2017
Ok but if only one partner is buying the asset of firm , then loss will be transfer in only that partner's capital a/c or in all partner's a/c ??
30 March 2017
As agreed by partners mutually.
30 March 2017
ok , but there is no problem to department if you are transferring your loss in partner capital a/c and not showing it in P&L and making your P&L as no profit no loss i.e. at NIL
30 March 2017
Yes no problem to the department as taxable income is not affected.
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