Dear all,
Please help me in the captioned matter. The detailed query is as follows.
A private limited company converted into a LLP,
1. What will be the accounting treatment of Reserves & surplus of the Privete Limited Company?
2. Capital gain on transfer of assets- Capital gain on transfer is subject to certain conditions, outof them one condition is about Turnover of three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees. What if the company done business in F&O and having loss of Rs. 1,20,00,000/- just earlier year to the conversion, whether it will be treated as turnover more than 60 Lacs?? and if "YES" than how to calculate capital gain when all the assets transferred at book value??
Any other points that you think that should be kept in Mind while Finalising the Balancesheet of the LLP, then please share.
Thanks & Regards
Suresh Kumavat.
CAclubindia
