Partner fixed assets introduced payment through on cash mode
This query is : Resolved
14 November 2021
Sir,
A partnership firm two partners working.one of the partner introduced capital by cash (cheque) brought.but any partner brought capital by cash(cheque) and fixed assets value rs:50,000/-
Partner assets value rs:50,000/- payment made by cash mode(40a3 rs:10,000/- limit per day.
Question:
Partner assets value dis allowed in partnership firm under it act.
A partnership firm two partners working.one of the partner introduced capital by cash (cheque) brought.but any partner brought capital by cash(cheque) and fixed assets value rs:50,000/-
Partner assets value rs:50,000/- payment made by cash mode(40a3 rs:10,000/- limit per day.
Question:
Partner assets value dis allowed in partnership firm under it act.
CA R SEETHARAMAN
(Expert)
15 November 2021
Not disallowed, cash payment for purchase made within limits.
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