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Balance sheet finalization

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(Querist)
07 March 2013 How We Can Finalize the Balance Sheet of particular firm.It's Constitution is Proprietorship for 9 months, and partnership for 3 months in the same Financial year. Remember it- that proprietor is not became partner in that firm. Also, We Need to give annual balance sheet of the said firm to sale tax Department.
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ARUN KUMAR V

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ARUN KUMAR V (Expert)
07 March 2013 Its assumed that for the first 7 months status in Proprietorship(Individual), and later it become a partnership firm. Also the proprietor become one of the partner in new partnership firm.
1.Prepare for the first 9 months financial statement, and draw a B/S P&L for that period seperately.
2.Execute deed of partnership, mention if any assets/liabilities are brought from erstwhile individual firm and arrive the capital, also mention newly coming partners contribution, and sharing ratio.
New Partnership firm will be based on the deed executed.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
15 August 2023
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