19 September 2011
one of the Trading concern(Cement Trading) Handled two people but till up to time this one is as a proprietary. both are Govt. Servant and salary is non taxable. so please guide me ..... is partnership will be better for them with their name or wife's.
And please also suggest.... Purchase 1000 Bags (cement) Sale(Billing) 600 Bags Cash sale(non billing) 400 Bags then tell me accounting for non billing (Cash) Sale.
19 September 2011
In case mentioned by you i feel partnership businees on the name of wife will be better.
And in case of accounting entries of cah sale in my opinion no entry should be passed rather purchase should be shown at such lower extent in properiteroy books.
CAclubindia
