ARUN (Articleship) (47 Points)
09 January 2012pls 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 If it is transferred to general Reserve, then it cannot be withdrawn seprately by the partners.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.
Keval Ponkiya
(CA CS MBA(Fin.) M.Com. L.L.B.)
(223 Points)
Replied 09 January 2012
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 !!!
ARUN
(Articleship)
(47 Points)
Replied 10 January 2012
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.
Keval Ponkiya
(CA CS MBA(Fin.) M.Com. L.L.B.)
(223 Points)
Replied 10 January 2012
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
jitendra
(student)
(41 Points)
Replied 01 July 2015
Sir
Addittional contribution by partner in current a/c should also intimate to ROC in form 3 ?
jitendra
(student)
(41 Points)
Replied 01 July 2015
Is there any other way to accounted additional contribution of partners without change in agreement of LLP
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