Minors share in firm
This query is : Resolved
CA Mukund Sarda
(Querist)
30 September 2014
Pls help.. a part. Firm has minor added to benefits.. till last year it was in losses n accounted for losses in p&l reserve instead of debiting to partners a/c..
This year firm has profits..
what shall i do.?
First shall i adjust the profit from pre. Yr losses or distribute it to minor.
if minor'share is to be given priority then how the balance profit shall be treated.? cr to p&l reserve or partners accounts.
thnq
30 September 2014
u need to first adjust the losses of prev year and bal if any +ve then give it to minor.
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