In dissolution of partnership,there is one adjustment which I have a doubt about:
Premises were taken over by one partner EXE at book value plus 25%.The stamp duty amounting to 10% of takeover price was borne by EXE.The value of Premises as given in the question is Rs.65000
Now my question is,what amount will I put on the credit side of realisation A/c i.e Should I add stamp duty in the takeover price or should I deduct it from the takeover price or should I even consider stamp duty?Thanks in advance for helping me
CAclubindia
