Entries for transfer of sole proprietor to son ?
This query is : Open
05 March 2014
Mr. OP Kapoor transferred his proprietorship to his only son without any compensation, with credit balance standing in his name in books. What accounting treatments is required to be done for giving effect to such transfer ?
05 March 2014
close all books of accounts of father and transfer all assets and liabilities to son books of accounts
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06 March 2014
what happens of fixed assets. will they be treated as capital assets or personal assets ? in any case what should be tax treatment?
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