pls tell me
Is it Compulsory to transfer the profit after tax of the LLP to "General Reserve A/c:" or we can devide the same to the Partners Current A/c, so that partners can withdraw the profit later on. If it is transferred to general Reserve, then it cannot be withdrawn seprately by the partners.
Pl Confirm.
Yes Sir,
The profit should be transferred to current a/c and remaining to the general reserve !!!
so that partner can withdraw and co. can keep as GR and use further in future !!!
but sir how to show the Partners Current A/c in balance sheet. Because in the format of the Balance sheet Mention the ROC SIte does not show any current A/c.
Arun G,
It is first to be incuded in partner's contribution !!! but if u don't want then to show seperately as we did in partnership firms !!!
But recommended is to shown in partner's contribution !!! ok
Sir
Addittional contribution by partner in current a/c should also intimate to ROC in form 3 ?
Is there any other way to accounted additional contribution of partners without change in agreement of LLP
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