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Partnership Firm conversion

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03 September 2007 If a partnership firm gets converted to pvt ltd. co and suppose everything is unchanged except that capital of Rs. 8lacs is not there in luie of that shares of Rs. 5lacs are issued, what will be done of bal 3 lacs. will there be a reseve,if yes what reserve, and if no reserve then how will b/s tally?
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CA Mani

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CA Mani (Expert)
05 September 2007 Balance Rs.3 lakhs will be capital reserve - i.e. Profit on conversion
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