Asset recognition
This query is : Resolved
Souvik Kumar Ghosh
(Querist)
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
(Expert)
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.
Nikhil Kaushik
(Expert)
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.
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