How many % Transfer from Retained Earnings to Statutory Reserve in Finalization of books of account of Partnership firm?

As per the companys' law no 2 of 2015 (UAE Company's' law), The limited liabilities companies is required to reserve 10% of the annual net income as a statutory reserve which is not subject to distribution or withdraw. The reserve can be ceased when reaches 50% of the capital of the company .

THE LAW OF UAE IS10 OF THE ACTUAL NET PROFIT TO STATUTORY RESERVE

 

If net profit is directly reflected in Trail Balance itself then we dont need to prepare financial statements. As per ur question , profit directly reflecting in TB itself. Is it possible in firm accounting ? As per UAE it is10% net profit. It may be suspended after reaching50% share capital amount.Feel free to comment.

According to the UAE law 

Firm must  transfer10% of the Actual Net profit to Statutory Reserve