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Treatment of Entries

This query is : Resolved 
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(Querist)
23 March 2009 Dear Sir,

I am having a pvt ltd comapny which is closing on 31/03/2009 which has some assets in its Balance Sheet and I am starting a proprietory Concern from 01/04/2009 I want to know How should I transfer the assets in Proprietorn concern as I am not going to pay for that assets.

Thanks.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
23 March 2009 Fixed Assest A/c Dr
To Capital A/c

at their market value.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
23 March 2009 You will have to sale the assets from Private limited company to the proprietorship concern. PLC is a separate assessee from its shareholders, and can not transferred its assets in this manner.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
23 March 2009 i support Mr. Tarun
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
24 March 2009 I think is not at practically possible.
If its possible, then the only way is as Mr.Tarun suggested.
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