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Question ID : 44663


Partnership firm is taken over by a partner, all assets and liabilities at book value at 31.03.2024 and continued business as proprietor from 1st April 2024. should the financials of firm as on 31.03.2024 reflect this transfer or it will be taken as post financials event? normal financials to be prepared for firm as on 31.03.2024?

Posted by CA Shrawan Suthar on Jun 05, 2024

Filed Under AUDIT

Answer ID : 85436

The financial statements as of 31.03.2024 should reflect the partnership firm's status before the takeover, with the takeover and subsequent continuation as a proprietorship treated as a post-balance sheet event.

Posted by VIJAY KUMAR PATAWARI on Jun 06, 2024
Answer ID : 85439

But the takeover date is 31.03.2024, should it be reflected in financials as it will show a fair picture as there is no going concern as on this date only. All assets are taken over and The partners have retired as of this date, shouldn't it be reflecting in financial statements?

Posted by CA Shrawan Suthar on Jun 10, 2024
Answer ID : 85445

Normal Financial to be prepared for the firm as on 31.03.24

Posted by CA JEET REWRI on Jun 17, 2024