Partnership
This query is : Resolved
01 April 2012
If two firms are amalgamating &forming new firm then whether revaluation a/c is prepared or not for closing books of accounts?
Vishal Sharma
(Expert)
03 April 2012
In case of amalgamation of parternship firms realisation a/c has been prepared instead of revaluation a/c.
10 April 2012
When you are transferring the assets and liabilities of 2 firms in a new firm then all the assets and liabilities is to be revalued and transferred to the new firm. Here provision of Section 45(4) of income tax shall also be applicable
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