06 October 2012
In case of computing the net wealth of assesse who is a partner in a Registered firm, the net wealth of the Firm is to be included in his wealth in capital sharing ratio. How will the net wealth of firm be divided if 2 out of 3 partner have debit balance in capital account?
06 October 2012
it has to be distributed in the capital ratio i.e the ratio in which capital is brought in by the partners, and balance if any then in profit sharing ratio.
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