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Partnership

Sir if nothing is mentioned in the adjustments below the balance sheet of partnership firm ,then in the balance sheet there is a employment Provident Fund. then the adjustment for the employment Provident Fund is it we have to transfer to realisation account . but nothing is mentioned about the payment of that employment Provident Fund we have to pass the entry realisation account debit To Bank account . this entry will be passed or not


subramanyam yendakuarthi

subramanyam yendakuarthi

CA Inter

3K+

26-Nov-19 20:11

100

Answers (8)

ask suraj sir through watsapp


Star Ca

Star Ca

CA Inter

3K+

01-Dec-19 14:14

If nothing is mentioned regarding ee provident fund Bal, then it should be transferred to partners capital account.


Tharun Reddy

Tharun Reddy

CA Inter

40

02-Dec-19 14:42

If nothing is mentioned regarding ee provident fund Bal, then it should be transferred to partners capital account.

Nope epf is for the benefit of the employee so it's should be as it is


Gokul Nath

Gokul Nath

CA Inter

330

13-Dec-19 20:38

Nope epf is for the benefit of the employee so it's should be as it is

The employee doesn't exist after closing books of firm. So that is why unused fund belong to partners.


Tharun Reddy

Tharun Reddy

CA Inter

40

13-Dec-19 20:41

The employee doesn't exist after closing books of firm. So that is why unused fund belong to partners.

I don't think so. This amount belongs to employees only not the partners


Gokul Nath

Gokul Nath

CA Inter

330

13-Dec-19 20:45

I don't think so. This amount belongs to employees only not the partners

Ur argument may apply to other fund but this not like others. What if these fund represented by employee's contribution


Gokul Nath

Gokul Nath

CA Inter

330

13-Dec-19 20:46