Accounting enries

Krishna Prasad (Partner) (260 Points)

21 September 2014  

OURS IS A PRIVATE LIMITED COMPANY. WE CONVERTED CAPITAL ASSET INTO STOCK IN TRADE. PLEASE SUGGEST THE ACCOUNTING ENTRIES TO BE PASSED IN THE BOOKS OF ACCOUNTS AT THE TIME OF CONVERSION OF THE CAPITAL ASSET INTO STOCK IN TRADE.

ALSO PROVIDE THE ENTRIES FOR SALE OF SUCH CONVERTED CAPITAL ASSET.