Books of accounts
This query is : Resolved
01 July 2013
My proprietorship firm converted to private limited company on 27/04/2013 mentioned in MOA that all assets & liabilities taken over by private limited company and agreement is also made mentioned that books of account will be maintained from 01/04/2013 onwards
My question is
Does we need to maintained both accounts i.e 01/04/2013 to 26/04/2013 of proprietorship and 27/04/2013 31/03/2014 of private limited company ?
Please clarify
Thanks & Regards
Mr.Lingam
My question is
Does we need to maintained both accounts i.e 01/04/2013 to 26/04/2013 of proprietorship and 27/04/2013 31/03/2014 of private limited company ?
Please clarify
Thanks & Regards
Mr.Lingam
Karan Teli
(Expert)
01 July 2013
Start maintaining from first April itself. Account as per profit prior to incorporation and capitalize all the revenues.
01 July 2013
Thanks sir
but profit earned prior to incorporation is related to proprietorship firm does proprietor needs to pay tax on it or company will pay.
Please clarify
but profit earned prior to incorporation is related to proprietorship firm does proprietor needs to pay tax on it or company will pay.
Please clarify
Karan Teli
(Expert)
01 July 2013
As said by you the moa has date of 1April so tax will be paid by company not individual.
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