A/c treatment-proprietor's cap a/c-converted to pvt ltd co.
This query is : Resolved
07 August 2013
Hi.
a sole proprietor concern is converted into a private limited co. with an authorised capital of Rs.5 lakh. And the proprietor's capital balance on the date of conversion was Rs. 2.5 crore.
There were also personal assets of proprietor reflecting in the balance sheet which were not transferred to the newly formed company.
I am confused as to what effect is to be given to proprietor's capital balance.
Kindly guide.
a sole proprietor concern is converted into a private limited co. with an authorised capital of Rs.5 lakh. And the proprietor's capital balance on the date of conversion was Rs. 2.5 crore.
There were also personal assets of proprietor reflecting in the balance sheet which were not transferred to the newly formed company.
I am confused as to what effect is to be given to proprietor's capital balance.
Kindly guide.
07 August 2013
Close prop books of a/c and trf all asseys and liab to compnay's books.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- RELATED TO TRIBUNAL APPEAL
- HOUSING LOAN ISSUE
- TDS AND ITR ISSUE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- RATE AND HSN CODE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
