One LLP was formed in 19-20 with capital of Rs. 20 lakhs as per agreement with 4 partner's contributing 5 lakhs each.
Now the LLP did no business in 19-20 and only 1 partner contributed Rs. 1 lakh in the LLP and rest gave no capital.
How to finalise account's for 19-20.
Record only what has been received: Credit the capital accounts of the partners only for the amounts actually contributed.
Check your agreement: Use the terms in your LLP agreement to determine if the shortfall constitutes a breach.
File accurately: Ensure that the amounts reported in your annual filings (Form 8) match the actual, reconciled books of account.
RMA And Associates LLP
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
