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net worth

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(Querist)
15 February 2010 Dear Experts,
Pls. tell me how to calculate net worth of an individual, who is partner of a partnership firm. Pls. give me format for the same.

thanks.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
15 February 2010 The networth is calculated on the following parameters.

1. Add all the personal assets of the Individual.

2. Calculate the networth of the firm separately and as per the profit sharing ratio, calculate the share of the partner in the firm. Add this amount to the amount arrived at 1.

3. From the amount arrived at 2 above, deduct all the personal loans and liabilities of the Individual.

The result is the net worth of the individual.
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