Partnership accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2014 Registration of Partnership Firm is not Compulsary :--- please Comments

2) Is It Necessary to bring capital by all the partners in partnership firm::___ comment

03)Whether it is compulsary to maintain partners current accounts in all type of partnership Fir" :- Comments

04) Balancesheet is the Picture of the Financial position of Firm :- Explain how??

05) Net Profit is the tru and correct profit of the partnership firm :- explain your opinion
I urgently need your expert opinion

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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07 November 2014
1.) No, it is not compulsory to register partnership firm.

2.) Not necessary to bring cap. by all partners.

3.) Not compulsory to maintain current account of partners.

4.) Balance sheet shows financial position because it shows all assets (current, fixed etc.) and liabilities (current and long term etc) as well.

5.) If all expenditures and properly accounted then net profit shows the correct picture.

Thanks.

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2014 Thanks Mr Devanand For your Answer but Sir, i have still some confusion Like Why It is not necessary to register Partnership Firm

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