Conversion of company into llp
This query is : Resolved
29 December 2013
Respected experts
A company wants to convert into LLP.
I need some idea for its accounting:
1. Share capital will be converted into partner's capital
2. Reserves??
3. Is it necessary to record the assets at their book values??
Is there any Accounting standard applicable?
A company wants to convert into LLP.
I need some idea for its accounting:
1. Share capital will be converted into partner's capital
2. Reserves??
3. Is it necessary to record the assets at their book values??
Is there any Accounting standard applicable?
Nikhil Kaushik
(Expert)
29 December 2013
1. yes you can.
2. better transfer it partner's capital accounts.
3. yes, it is to be transferred at book value.
No accounting standard is applicable:
refer Section 47(xiii) of the Income Tax Ac
https://www.llphelpline.com/taxation-aspects.htm
2. better transfer it partner's capital accounts.
3. yes, it is to be transferred at book value.
No accounting standard is applicable:
refer Section 47(xiii) of the Income Tax Ac
https://www.llphelpline.com/taxation-aspects.htm
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