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
- Reminder of Dues under the WBGST Act 17
- Merger related taxation
- Merger issue
- 80ccd(2) deduction
- Hash value error indicated whilst validating itr 2 online
- FNO loss set off with STCG
- NRI TAX RATE.as applicable on NRO Saving Bank a/c & FD interest
- EXPENDITURE AGST. TDS U/S 194JB
- Form 26QC stuck on Pending for AO approval
- NRE account -account type issue in AY2025-26 Tax Filing
- Refund_ Insufficient in credit ledger
- How to add NRE account to income tax profile?
- EPF Withdrawal Where to show in ITR2
- GST ON SOLAR POWER PANELS
- 54 F disallowance presentation in ITR 2
- Regarding ITC show in Electronic Credit Reversal and Re-claimed Statement.
- TDS on disallowance and reporting
- Requirement of MGT-14 for resolution passed at EGM for appointment of auditor
- ICWAI-Final
- Gratuity Fund Audit & ITR
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
