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Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 Partnership firm dissolve on 23/05/2015 and proprietorship firm started on 24/05/2015 Jo closing stock hai p'sip firm ka usko properitor ship me kaise lenge or other assets and liabilities bhi

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 what is the transaction? if it is a case of transfer, the value at which the transfer has taken place shall be the value at which the same should be recorded in the books of proprietor

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 4 month tk proprietor ka Koi bank nahi tha ye partnership ke bank a/ c use ke the the and we are manufacturer of pipes so we sale pipes and purchase raw material and also trading some items which are required for pipe so plz help me

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 And kya partnerships ke closing ko properitor ka opening bna Skye hai

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 what document did you enter into for transferring the business of partnership to proprietorship?

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 Partnership deed I had submitted and intimated to income tax deptt and also in sale tax deptt

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 that is ok.... i am asking WHAT DOCUMENT YOU ENTERED TO PURCHASE THE BUSINESS OF PARTNERSHIP?

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 Nothing only dissolution deed I had submitted

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 Dissolution deed contains take over by partner

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 then at which value the assets and liabilities are taken over?

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 At book value taken

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 then you can continue with the same, in proprietory books of accounts.

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 So u means to say that partnership ka closing opening me le sakte hai

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 So u means to say that partnership ka closing opening me le sakte hai

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 yes.... because that is the price at which the transaction was carried out... That is what you said... isnt it?

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 Yes but Jo bank hai uska kya hoga bcoz they use partnership bank

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 you will need to lose the bank account and open a new bank account in the bank of your choice...

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2016 Ye to ab ke diya hai us time in nahi tha tb ke liye kya Kate kaise treatment kare and Tax obligation kya honge

Amol S Joglekar

Amol S Joglekar (Expert)
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02 September 2016 on 24/05/2015, you started proprietorship...... on that date, whatever you agreed to take over of the partnership, shall be recorded in the books of proprietory business, at the values agreed upon

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