PARTNESRSHIP A/C

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dhaval shah (Querist)
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27 June 2011 HELLO

PLS LET ME KNOW WHAT WILL BE TREATMENT IN PARNERSHIP ACT IF PARNER TAKING OVER ANY OF THE ASSET FROM PARTNERSHIP FIRM

IN MY CASE PARNER IS TAKING OVER CAR FROM FIRM AT A LOSS

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 June 2011 Provisions of Section 45(4) are applicable in the case of dissolution of firm, where market value of the car is required to be considered for the purpose of capital gains.

As the case is not of dissolution, debit the partner's capital account and credit the Block of Asset A/c by the agreed amount of consideration.....

If there is no other asset in the block of
car , follow provisions of Section 50.

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