Will the accounts of a Partnership firm in which a company is a partner, be consolidated with the accounts of the such company?
Sudhir Kumar Banthiya (Trainee) (38 Points)
02 November 2010Will the accounts of a Partnership firm in which a company is a partner, be consolidated with the accounts of the such company?
sudhakar ca cwa
(service)
(1518 Points)
Replied 02 November 2010
in my opinion it needs to shown as Investments as per AS-13
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 02 November 2010
IF SUCH COMPANY HOLDING 50% OR MORE VOTING POWER/CONTROLLING POWER IN FIRM THEN IT SHOULD BE CONSOLIDATE WITH COMPANIES ACCOUNTS
sivasubramanian
(articled assistant)
(79 Points)
Replied 03 November 2010
Yes. But before that control should be determined on the basis of the partnership deed and further evaluation of whether it is an associate or a joint venture.
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