https://www.taxtmi.com/forum/issue?id=116995 Conversion of a proprietorship into a partnership transfers the proprietorship's assets and liabilities to the new partnership; treatment of doubtful liabilities such as unsecured loans, loan advances and sundry creditors depends on the agreement between the parties and that agreement governs how those items are recorded or settled in the proprietorship's balance sheet and in the partnership accounts. en-us Sun, 07 Feb 2021 20:13:07 +0530 Thu, 23 Jan 2025 15:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116995 Conversion of a proprietorship into a partnership transfers the proprietorship's assets and liabilities to the new partnership; treatment of doubtful liabilities such as unsecured loans, loan advances and sundry creditors depends on the agreement between the parties and that agreement governs how those items are recorded or settled in the proprietorship's balance sheet and in the partnership accounts. Discussion-Forum Income Tax Sun, 07 Feb 2021 20:13:07 +0530 https://www.taxtmi.com/forum/issue?id=116995