Posted By : Shiriti
/ Published on :
07-Jun-2018 11:27 PM / View :
530 / Comments :
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
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