REGARDING AUDIT WHERE LOSS IS NOT TRANSFER TO CAPITAL ACCOUNT

suresh s. tejwani (proprietor) (338 Points)

22 January 2022  

Mr. A and Mr. B are partners in AB partnership Firm . AB ( firm ) incurred loss of 70 lacs in current financial year and firm capital is of 65 lacs . Whether we can show loss without transferring loss to capital accounts ? If Yes , then is there any effect in partners individual return ?