Whether it is compulsory to revalue assets, liabilities on date of retirement or admission of partner when deed is silent
Menu
Revaluation of assets and liabilities
Replies (1)
While the partnership deed being silent means there is no pre-defined "method" or "frequency" specified for revaluation, it is a standard accounting necessity during the admission or retirement of a partner to ensure that the capital accounts of all partners (including the incoming or outgoing partner) are adjusted fairly for any accumulated gains or losses in the firm's net assets.
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
