Entries for transfer of sole proprietor to son ?

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ashish alexander (Querist)
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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 ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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ashish alexander

ashish alexander (Querist)
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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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