Partnership Firm
This query is : Resolved
Querist : Anonymous
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?
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?
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITR 4 and Bank transactions
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
