Transferring an asset out of partnership
This query is : Resolved
15 July 2013
A partner's is using a car (registered in his personal name) for the business of his partnership - the depreciated value of the car, depreciation and expenses incurred on the car are being shown in the firm's books. Now the partner wants to pull this asset out of this partnership and use it for his other business(proprietorship).
1. What are the entries to be passed in both the books of partnership and proprietorship?
2. Will VAT be applicable?
Thank you.
1. What are the entries to be passed in both the books of partnership and proprietorship?
2. Will VAT be applicable?
Thank you.
15 July 2013
there should be transfer for consideration if yes then
in partnership books,
bank...dr
to car a/c
if witout consideration then,
partners capital a/c...dr
to motor car a/c.
if shown as sale officaially then vat applicable .
in partnership books,
bank...dr
to car a/c
if witout consideration then,
partners capital a/c...dr
to motor car a/c.
if shown as sale officaially then vat applicable .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
