Asset recognition

This query is : Resolved

Souvik Kumar Ghosh (Querist)
Follow

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?

CA Gaurav Mittal

CA Gaurav Mittal (Expert)
Follow

20 September 2013 i dont think its possible.
all you can do is to show it as a slump sale.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

siddhesh satardekar

santhosh singireddy

madhu sudan

RAJENDRA PARAKHI

kavita goel

Subscribe Now

Asset recognition

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA