Partnership investment disclosure requires partners' net credits shown as investments and profit shares disclosed to shareholders. Net amounts standing to partners' credit-whether fixed capital accounts or merged partner accounts-must be shown under Investments and not under Current Assets, Loans and Advances. The firm's total capital should be disclosed preferably as at the company's balance-sheet date or, where capital fluctuates and accounting dates differ, as per the firm's last authenticated balance-sheet. 'Share of each partner' is to be disclosed as the partner's share in the profits of the firm rather than share in capital.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Partnership investment disclosure requires partners' net credits shown as investments and profit shares disclosed to shareholders.
Net amounts standing to partners' credit-whether fixed capital accounts or merged partner accounts-must be shown under Investments and not under Current Assets, Loans and Advances. The firm's total capital should be disclosed preferably as at the company's balance-sheet date or, where capital fluctuates and accounting dates differ, as per the firm's last authenticated balance-sheet. "Share of each partner" is to be disclosed as the partner's share in the profits of the firm rather than share in capital.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
