Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 July 2013
Dear Sir,
One of my client has demised in July 2012, who was engaged in trading of ready made garments. After his death his son took his business in his hand. At the time of assessee's death about 7 lacs stock and 1.5 lacs cash was at shop. Now please advise me, while making balance sheet of assessee's son, I should take the total of closing stock and cash as opening balance of his son capital a/c.
Please clarify.
One of my client has demised in July 2012, who was engaged in trading of ready made garments. After his death his son took his business in his hand. At the time of assessee's death about 7 lacs stock and 1.5 lacs cash was at shop. Now please advise me, while making balance sheet of assessee's son, I should take the total of closing stock and cash as opening balance of his son capital a/c.
Please clarify.
CA Kumar Mukesh
(Expert)
14 July 2013
If its Succession of business of died person only capital balance will be transferred in Son's capital A/C not value of cash/stock
If its Succession of business of died person only capital balance will be transferred in Son's capital A/C not value of cash/stock
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