partnership
This query is : Resolved
dhawal shah
(Querist)
18 February 2009
can a partner bring a liability in a firm ...with assets.
for ex. a partner has taken loan to purchase a land for hotel in individual name .
for project finance can we take the loan as firms liability as assets taken by firm on which liability has taken.....
for ex. a partner has taken loan to purchase a land for hotel in individual name .
for project finance can we take the loan as firms liability as assets taken by firm on which liability has taken.....
CA Nitin Wadhwani
(Expert)
18 February 2009
Yes.
A partner can also bring a liability with assets.
If the liability is of the firm of repayment, then certainly it is to be shown as an liability.
But if the liability is of someone else and the security is of firm's assets then partnership deed must provide for such act.
A partner can also bring a liability with assets.
If the liability is of the firm of repayment, then certainly it is to be shown as an liability.
But if the liability is of someone else and the security is of firm's assets then partnership deed must provide for such act.
V.K.SUBRAMANI
(Expert)
18 February 2009
IT IS TRUE THAT A PARTNER CAN BRING AN ASSET ALONGWITH A LIABILITY FASTENED TO THAT ASSET.
THE ASSET,ATTACHED LIABILITY AND THE DIFFERENTIAL BEING CREDIT TO THAT PARTNER'S CAPITAL ACCOUNT WOULD BE REFLECTED IN THE BOOKS OF THE FIRM.
THE ASSET,ATTACHED LIABILITY AND THE DIFFERENTIAL BEING CREDIT TO THAT PARTNER'S CAPITAL ACCOUNT WOULD BE REFLECTED IN THE BOOKS OF THE FIRM.
V.K.SUBRAMANI
(Expert)
18 February 2009
IT IS TRUE THAT A PARTNER CAN BRING AN ASSET ALONGWITH A LIABILITY FASTENED TO THAT ASSET.
THE ASSET,ATTACHED LIABILITY AND THE DIFFERENTIAL BEING CREDIT TO THAT PARTNER'S CAPITAL ACCOUNT WOULD BE REFLECTED IN THE BOOKS OF THE FIRM.
THE ASSET,ATTACHED LIABILITY AND THE DIFFERENTIAL BEING CREDIT TO THAT PARTNER'S CAPITAL ACCOUNT WOULD BE REFLECTED IN THE BOOKS OF THE FIRM.
Saurabh Aggarwal
(Expert)
18 February 2009
Yes,
If the firm agrees with the incoming partner for the repayment of liability, then liability can be brought into business and necessary entry will be passed in the books of the firm.
If the firm agrees with the incoming partner for the repayment of liability, then liability can be brought into business and necessary entry will be passed in the books of the firm.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- ETDS return q4 25-26
- IMS (import of goods) ITC related
- Advances to related party
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
