REGARDING TO RETIRING PARTNER
This query is : Resolved
28 August 2023
M/s. ABC is a Partnership Firm. Mr. A is retired as on 22nd march,2023 from this firm. their capital Balance is amount of Rs. 800000. can retiring partner is settled through cash? If yes, is there any issue relating to cash payment of Rs. 800000 to Mr.A ?
28 August 2023
No, The Capital amount not allowed through CASH payment.
28 August 2023
THEN, CAN WE TREAT SUCH AMOUNT AS LOAN AND REPAID IN SUBSEQUENT YEAR?
28 August 2023
It's besed on retired partner's decision with documentary evidence.
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