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Atharv Sankliya   13 March 2023

prior period profit - partnership act

does a partner claim profit earned by firm before his/her admission
for example if a partner is admitted on 1 oct 2022 is he entitled for the profit earned between 1 April to 30 September?


 5 Replies

Dr J C Vashista (Advocate)     13 March 2023

No, such partner cannot claim share of profit.

No facts posted makes the query as an examination hall question paper ???

1 Like

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     13 March 2023

no previous profit to the new admission comer into the firm. But At the time of admission of a new partner, we need to revalue the existing assets and liabilities and thus, prepare the revaluation account.

1 Like

Advocate Bhartesh goyal (advocate)     13 March 2023

No, new partner can't claim share of profit for the previous period of his entry in partnership 

1 Like

Atharv Sankliya   13 March 2023

sir according to which section he can't claim ?
sir please quote the section no

P. Venu (Advocate)     13 March 2023

You have not posted the material facts. In the absence of facts as well the context, the posting is a riddle than a query.

1 Like

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