Accounting treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2016
i am working in manufacturing co. and this was partnership firm till 23.05.15. this firm was dissolved and submitted the deed to income tax. from the very next day i.e. 24.05.15 company continue with proprietorship owner is same but they had mistakethat they did not open the bank account for prop. ship firm they did transaction with with partnership firm bank which was not closed instantly so what is the accounting treatment for both of companies please reply soon
Amol S Joglekar
(Expert)
22 July 2016
hahahahaha..... this can be viewed as SURROGATED bank account?
01. since the firm is dissolved w.e.f.23/05/82015, the account should have been closed. Now you can do that.
02. Open the new account in the name of proprietory concern with proprietor ass authorised signatory.
03. So far as accounting treatment is concerned, you can go on passing JV for the same. (Deposit of cheque)
04. (By the way, what has been done for withdrawl of money from the said bank account....can you throw some light on that????)
01. since the firm is dissolved w.e.f.23/05/82015, the account should have been closed. Now you can do that.
02. Open the new account in the name of proprietory concern with proprietor ass authorised signatory.
03. So far as accounting treatment is concerned, you can go on passing JV for the same. (Deposit of cheque)
04. (By the way, what has been done for withdrawl of money from the said bank account....can you throw some light on that????)
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