Asset recognition
This query is : Resolved
20 September 2013
The partners of a partnership firm decided incorporated a Pvt Ltd Co, without conversion. Now after discontinuing the partnership they want to introduce the existing assets of the firm in the company without any consideration. How to incorporate the same?
20 September 2013
i dont think its possible.
all you can do is to show it as a slump sale.
all you can do is to show it as a slump sale.
21 September 2013
I Believe when you have discontinued the partnership, you must have apportioned the assets of the partnership among partners. If you haven't then do so now.
After that bring in the assets apportioned to individual partners in the company at fair value and issue shares to individual partners in lieu of the assets.
After that bring in the assets apportioned to individual partners in the company at fair value and issue shares to individual partners in lieu of the assets.
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
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Salary and pension received from Asian Development Bank
- BIS Certificates
- Last year TDS Claim
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
