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
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Retired Partner
Replies (2)
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.
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.
| 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 |  |
Details give as on 31-03-2029 Outstanding
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