Partnership

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suja sathish (Querist)
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07 June 2014 my client is a partnership firm.
one of the partners purchased motor vehicles and a godown in his name before the date of parnership agreement by taking a loan.
these are used for the purpose of the partnership business.
can we brought both vehicle and the godown into the account of firm through the parners capital account?
can we account the unsecured loan taken for purchasing the vehicle and godown in the accounts of firm?.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 June 2014 yes partner can introduce that assets in firm via capital....

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 June 2014 Partners may introduce capital either in cash or kind also. So there is no problem is introducing asset as capital.

Rupesh Jain

Rupesh Jain (Expert)
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07 June 2014 partner can give assets or fund as capital in partner ship firm .

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