12 May 2015
Question:
A private company has 2 partners with equal shares.
Assets acquisition value is 10 lacs, while book value is 3 lacs.
one of the partners want to buy these assets at book value I.e. 3 lacs.
what would be the accounting entry for the sale of assets.
Also what is the entry if they decide to adjust it again retained earnings.
thanks.
Anjum.
CAclubindia
