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Question - Assume that you are employed by a law firm as a staff accountant. The firm has purchased four season tickets for PSL cricket match. Your boss, one of the partners in the firm, has offered individual tickets to you, but also asked you to pay Rs. 1000 for each ticket. Since they are Rs. 1400 tickets, you are happy to get a bargain. You are even happier to get a chance to go to the game because tickets are short in supply.

Next month, while reviewing the financial statements for your department you are unable to find Rs. 4000 of cash receipts for these tickets. Since you know that the firm has purchased these tickets, you wonder what happened to your Rs. 4000 payment. After discussing this matter with several other junior staff members who had also paid the partner for tickets to PSL games, you guess that the partner has pocketed the money and not reported revenue to other partners.

Required -

a) What should you do? Why?

b) Would it make any difference if the firm were single partnership and not a partnership? Why?

c) Would it make any difference if all the partners followed the same procedure and pocketed the ticket money? Why?

d) Is this an issue that should be reported to any other parties such as the internal Revenue Service, the state Auditor, or the Attorney General? Why?

Reference no: EM132588546

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