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Consolidation

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 November 2010 Whether a partnership firm in which a company holds more than 50% share can be treated as subsidiary for consolidation?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
29 November 2010 No. Only applicable to companies.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
29 November 2010 Yes, any entity in which a company holds substantial control(> 50%)shall be consolidated, further AS 21 uses the term 'enterprise' not company so Partnership firm will be treated as subsidiary for consolidation.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 November 2010 Thanx...

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