yogesh
asked on 20 January 2009
Answer this query now
Tax effect on Partnership Firm of Fixed asset revaluation
Dear sir,
Pls guide in following regard.
On 1/4/2000:
Revaluation of fixed assets of Firm by following entry
FA .....Dr
To Capital A/c ....Cr
On 2/4/2000:
Dissolution & Reconstitution of Firm by entry of 2 new partners (Now total no. of parners 4 i.e.Old 2;New 2)
On1/6/2000:
Old 2 partners retired from firm; New 2 will carry on the firms business.
In such situation, what will be the tax effect on firm of Fixed asset revaluation?
Pls suggest.
Thanking you.
Yogesh.
CAclubindia
