Dissolution of partnership firm
This query is : Open
01 November 2017
Dear All
In our partnership firm, there is a loss of 1.26 lacs in current year. we, both partners, want to dissolve the partnership.
in our case what is the treatment of loss, should we debit it to partner's capital a/c in profit/ loss sharing ratio?
1. If we debit the capital a/c by loss then how it will reflect in ITR?
2. in case of loss, is audit compulsory?
3. if we dissolve it during the year then how to surrender PAN and when?
Regards
Praveen Jain
In our partnership firm, there is a loss of 1.26 lacs in current year. we, both partners, want to dissolve the partnership.
in our case what is the treatment of loss, should we debit it to partner's capital a/c in profit/ loss sharing ratio?
1. If we debit the capital a/c by loss then how it will reflect in ITR?
2. in case of loss, is audit compulsory?
3. if we dissolve it during the year then how to surrender PAN and when?
Regards
Praveen Jain
02 November 2017
1. Debit the loss to capital account as per your LOSS sharing ratio.
2. Does your partnership business fall under eligible business u/s 44AD
3. Once you dissolve your firm, you can surrender PAN
2. Does your partnership business fall under eligible business u/s 44AD
3. Once you dissolve your firm, you can surrender PAN
02 November 2017
Dear Amol S Joglekar Sir.,
If you don't mind please give the Details for (2) option please...
If you don't mind please give the Details for (2) option please...
02 November 2017
Sir,
There is NIL income / receipt in current year. only rental expenses of 1.26 lacs in current year. Net loss of 1.26 lacs debited to partner's capital a/c on dissolution of firm. Please advice is it a case of compulsory audit or not ?
Firm was earning through commission in previous years. and no audit was conducted in previous years.
Thanks
There is NIL income / receipt in current year. only rental expenses of 1.26 lacs in current year. Net loss of 1.26 lacs debited to partner's capital a/c on dissolution of firm. Please advice is it a case of compulsory audit or not ?
Firm was earning through commission in previous years. and no audit was conducted in previous years.
Thanks
02 November 2017
since there is no any sale/receipt, audit is NOT required to be done.
Message likes :
2 times
15 December 2017
Dear All
We had just dissolved our partnership firm duly supported by Deed of Dissoluton
As There is no receipt / sale / income in current financial year 2017-18 except rental expenses of Rs.1.26 lacs, which are debited to partner's capital account.
Now, Please guide the procedure to surrender PAN and how to file ITR of current F.Y. 2017-18. Can we surrender PAN before filing ITR of Current F.Y. or we have to wait till next year to file ITR and then Surrender of PAN.
Regards
We had just dissolved our partnership firm duly supported by Deed of Dissoluton
As There is no receipt / sale / income in current financial year 2017-18 except rental expenses of Rs.1.26 lacs, which are debited to partner's capital account.
Now, Please guide the procedure to surrender PAN and how to file ITR of current F.Y. 2017-18. Can we surrender PAN before filing ITR of Current F.Y. or we have to wait till next year to file ITR and then Surrender of PAN.
Regards
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
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
