Q & A- SIGNING OF THE BALANCE SHEET PARTNERSHIP FIRM
P.D.RUNGTA
QUERY- SIGNING OF THE BALANCE SHEET PARTNERSHIP FIRM
In case of the Partnership Firm, is it mandatory to sign the Balance sheet by at least two partners before signing the Statutory Auditor of the company. Can it be by one partner?
Ruchika Agarwal.* >> *Mob:- 09832238305 * >> *Office:- 033-40030372*
Reply:1
As far as Statutory Audit is concerned, there is no provision for such an > audit in a Partnership Firm. So no question of signing by Statutory Audit > arise. However if the accounts of the firm have been audited (at the behest of the partners or to comply with the any law), it should be signed by the partner concerned before being submitted to the auditors for audit.
Thanks & Regads > > CA. Brijesh Choudhary > 9434485244
Reply:2
Dear All,
Statutory audit (if you mean statutory audit as required by Companis Act, 1956)does not apply to a partnership firm. Partenrship Firms are subject to audit under income tax laws which depend on the turnover of the firm, percentage of book profit etc. To my knowledge, the accounts of the firm have to be signed by at least two partners out of which one must be a managing partner. The same is usually provided in the partnership deed too (instrument evidencing partnership).
Regards CA M L Gupta, FCA C/o Mohan L Gupta & Co. Chartered Accountants
Reply:3
Dear Sir, If the accounts are audited U/s. 44AB, signature of one Partner is suffecient. However provision in the Partnership Deed is required to be seen, whether it requires signature of two or more partners.
Yours
Manoj Kumar Jhunjhunwala
Best Regards,
Pramod Dayal Rungta
M.Com.,LL.B.,AICWA.,DISA(ICAI).,FCA
Member EIRC ICAI (2010-12)
P.D.Rungta & Co.
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