Master in Accounts & high court Advocate
9615 Points
Posted on 01 October 2024
In a partnership firm, the signing of the balance sheet is governed by the Partnership Act, 1932, and the Companies Act, 2013 (in case of LLP). - As per Section 69 of the Partnership Act, 1932, the balance sheet should be signed by: - All the partners (in case of a small firm, i.e., less than 20 partners) - At least two partners (in case of a large firm, i.e., 20 or more partners) - In case of an LLP, as per Section 34 of the Limited Liability Partnership Act, 2008, the balance sheet should be signed by: - At least two designated partners (DPs) - All the DPs (if there are only two DPs) Please note that these requirements may vary depending on the specific circumstances and the partnership agreement.