Resort accounting-
This query is : Resolved
07 August 2013
We have a client who runs a resort. Until January 2012 it was a proprietor ship, however from Feb 2012 it has been converted into a private limited company. So, during last financial year end, it was a private limited company
The company's balance sheet(as filed with IT) is drafted in such a way that, all the transactions and fixed assets until Jan 2012 are shown under the balance sheet of the proprietor firm, and transactions of Feb and March are shown under Pvt Limited company. Is this the right approach ? Shouldn't this be consolidated into one single B/s last year itself ?
One more clarification we have is when we do accounting for FY 2012-2013, how do we take the opening balances. Is it only from the private limited company or from the proprietorship firm too ?
The company's balance sheet(as filed with IT) is drafted in such a way that, all the transactions and fixed assets until Jan 2012 are shown under the balance sheet of the proprietor firm, and transactions of Feb and March are shown under Pvt Limited company. Is this the right approach ? Shouldn't this be consolidated into one single B/s last year itself ?
One more clarification we have is when we do accounting for FY 2012-2013, how do we take the opening balances. Is it only from the private limited company or from the proprietorship firm too ?
07 August 2013
no it is not right approach.
as now it is a private limited company even for 2 months it needs to file return as company.
u need to close books of prop firm and take such bal in feb as op bal for company and do accounting accordingly.
as now it is a private limited company even for 2 months it needs to file return as company.
u need to close books of prop firm and take such bal in feb as op bal for company and do accounting accordingly.
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