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.
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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