Tax Audit disclosure
This query is : Resolved
16 August 2010
If there is any reconstitution in a firm which is subject to Tax audit , i am required to prepare P/L a/c , P/l Appropriation Account etc for each different periods viz, before reconstitution and post reconstitution . How should this fact be disclosed in Notes to Accounts ?
16 August 2010
Pursuant to the reconstitution of the firm vide partnership deed dated the..day of....20..,and in terms of clause no...of the pre reconstitution deed dated the ..day of... 20.. ,for want of closure of books of accounts on the reconstitution date, the profits of the firm has been apportioned among the pre and post reconstitution periods on time basis.
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