Llp

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2011 we had LLP and at the end of the year 31st March, 2011, we had transferred profits in the Partner Capital Accounts. Now the question is how the said profit disclosed in the Balance Sheet of LLP - as Contribution or Reserves & Surplus. If i disclose as Contribution then can distributed profit convered under the definition of Contribution?

CA Hardik Bunha

CA Hardik Bunha (Expert)
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27 August 2011 YOU HAVE TO TRANSFER PROFIT IN ''RESERVES & SURPLUS''

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2011 Thanks. But i can not transfer profit to partners capital account? as it is allowed to transfer the profit to Capital Account under LLP Act. Reply me in that context also. Bcoz i had already transfer the profit to partners capital account.

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CS Bijoy

CS Bijoy (Expert)
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27 August 2011 According to me it was transferred to partners capital account so it was included in the capital and if shown again in Reserve and Surplus than it will affect 2 time.

If wrong please correct.....