Accounting terms

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Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2017 If a private ltd company transfers some of its assets and liabilities to another company, this case is covered in which concept , where such company is still going concern ?? Also they have transferred all employees.

Amol S Joglekar

Amol S Joglekar (Expert)

13 July 2017 it is termed as sale of assets with liabilities.
Since some of the assets are sold, the company can still be a going concern

Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2017 is it covered under slump sale

Amol S Joglekar

Amol S Joglekar (Expert)

13 July 2017 As per section 2(42C) of Income -tax Act 1961, 'slump sale' means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales........
I think yours is NOT a slump sale. Your views please.

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2017 whether it is covered in amalgamation in the nature of purchase.

Amol S Joglekar

Amol S Joglekar (Expert)

22 July 2017 which section you are referring?

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2017 what is the applicability for preparation of cash flow of pvt ltd company

Amol S Joglekar

Amol S Joglekar (Expert)

25 July 2017 cash flow is required to be prepared. It forms the part of financials.