Partnership act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2011 DEAR EXPERT,

OUR CLIENT IS PARTNERSHIP FIRM FORMED IN DEC 2010. THERE ARE TWO PARTNERS Y AND S.
Y S SHARE IS 70% AND Ss SHARE IS 30%. CAPITAL INTROUCED BY 70000 AND 30000 RESPECTIVELY.

S HAS NOT CONTRIBUTED ANYTHING EXCEPT RS 30000. ALL THE EXPENSES MADE BY Y FROM HIS PERSONAL CASH.

NOW THEY WANT TO DISSOLVE THE FIRM.
HOW TO SETTLE THE ACCOUNTS.?
I HAVE PREPARED THE BALANCE SHEET AS ON 30/08/2011, AND DIFFERENCE BETWEEN CAPITAL ACCOUNT BALANCE OF Y AND S, S HAS TO PAY IT TO Y.ALL OUTSTANDING LIABILITIES BOTH THE PARTNERS HAS TO BRING CASH IN THEIR PSR.

AM I ON THE RIGHT TRACK<
PLZ SUGGEST

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 August 2011 Prima facie Yes. The terms of the settlement should necessarily be incorporated in the dissolution deed executed in the stamp paper of the requisite value as per stamp act of the concerned state.

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2011 Thanks a lot

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