Retired Partner

116 views 2 replies

Amit Jain

Proprietor

538 Points Joined December 2016

A was a partner of ABC and his profit sharing ratio was 25%. He retires on 15th June' 2018.
Capital Balance of A as on 15th June was ₹ 2,40,000/- which was transferred to A's Loan A/c

A's Loan balance as on 31st March'2019 was ₹ 50,000/-

Now my question is what to show in ITR 3 in the following in Partnership Details
1. Profit Sharing Ratio
2. Capital Balance

Replies (2)

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Profit sharing ratio shall be as per deed ...
capital balance is as on the balance sheet date ... since he was not a partner on 31.03.2019 - the capital balance shall be NIL.

Ravi SADhiyan

Practice

4510 Points Joined July 2017

Originally posted by : Amit Jain
	A was a partner of ABC and his profit sharing ratio was 25%. He retires on 15th June' 2018.Capital Balance of A as on 15th June was ₹ 2,40,000/- which was transferred to A's Loan A/cA's Loan balance as on 31st March'2019 was ₹ 50,000/-Now my question is what to show in ITR 3 in the following in Partnership Details1. Profit Sharing Ratio2. Capital Balance