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Partnership Firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2010 A Partnership Firm registered in maharashtra has got 2 partners originally.

Can 1 Partner retire and a 3rd Partner enter(admission) the firm on the same day.

Eg. Can an Admission cum retirement deed be made showing admission of one partner and retirement of an existing partner (both) on 3rd april 2010 ?

In such a case what will be the closing date of books for settlement of accounts-2nd April 2010 or 31st March 2010?
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
02 April 2010 yes, it is possible that in a single day retirement & admission of partners can be incorporated. It is advisable to make the settlement latest by 31.03.2010, so you need not to change your books of a/cs, or if any transcation after 31/03 and 02/04, amicably settle and adjust in the books.
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