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 .
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