Question ID :
44664
TAX AUDIT - FIRM TAKEN OVER BY PARTNER
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 THIS BE REPORTED IN TAX AUDIT REPORT OR THIS WILL BE A POST FINANCIALS EVENT?
IS THIS BE REPORTED IN TAX AUDIT REPORT?
Posted by
CA Shrawan Suthar
on
Jun 05, 2024
Filed Under
AUDIT
To be treated as a balance sheet event may be disclosed as a note in the tax audit report, just as a disclosure.
Posted by
VIJAY KUMAR PATAWARI on
Jun 06, 2024
Answer ID :
85438
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