14 July 2010
Kindly let me know how the share of an individual in the partnership firm would be computed for including in the partners wealth. Please specify one thing clearly that wether the cash balance of partnership firm would be included in the Wealth of partners.????
15 July 2010
As far as the Cash balance of a partnership concern is there, in the case of the Ind & HUF it is taken if it is more than 50000 & in case of others only the amount not recorded in the Books of Accounts. So the cash balance will not be taken in the in the wealth of Partners.
Also refer Rule 15 & Rule 16 of the WTA to find out the steps for the calculation of the Share of Partners in wealth of a Firm.
CAclubindia
