Contribution amount in Form 8 in event of accumulated losses in LLP

    Posted By : Shiriti / Published on : 07-Jun-2018 11:27 PM / View : 711 / Comment : 2
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    In a LLP, the Partner's Capital / Contribution has become less than the original contribution on account of losses in year ended 31.3.2018 . In the Form 11, it was reported that original monetary contribution was fully received. In Form 8, should the Option 1) Contribution amount be shown as the reduced amount [on Page 2 (Part B- Statement of Accounts) of Form 8] OR Option 2) Contribution be shown as the original contribution amount, and the accumulated losses shown as negative amount in Reserves & Surplus, to maintain consistency in Form 11 and Form 8 In the approved accounts, the loss amount has been equally allocated to / reduced from the Partner's capital account. We were wondering if there a mismatch between contribution amount as per Form 8 and Form 11, in case option 1 as above, resulting in query from ROC. Request guidance from learned group members on appropriate reporting
    Read more on : accumulated losses event form amount contribution

    •  As per Form 8 Statement of Account & Solvency, Part-B contain reporting of possition of Balance Sheet birfucated Contribution received and Reserve & Surplus including current yera profit or loss if any. 

      So, Report both seperately  (Like Partnership mainting two type of capitl account one is Fixed Capital and other current account. 


      Distribution of Current year profit or loss and balance if any to be report under Income Tax return purpose only because same is seperate for each Assessement year. 

      07-06-2018 / 12:26:14 PM
    • Thank you Pankaj Panchal Jee for the resolution.

      07-06-2018 / 12:38:21 PM

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