09 April 2009
Two partnership firms are existing. Firm X and Firm Y. Firm X has three partners A,B and C, while Firm Y has A and B only. Firm Y was established in the Year 2002 while Firm X was established in 1986. Now for some technical reasons, Firm Y has to be run. It is proposed that Firm Y will buy the Assets and Liabilities of Firm X and Firm X would be merged in to Firm Y. My querry is :
1. Can the turnover of the firm X can be considered as the turnover of the firm Y for the purpose of tendering etc for the period 1986 to 2002.
2. can the turunover of the two firms be added together for the period 2002 to 2009 and be declared as the turnover of the firm Y
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