OURS IS A PRIVATE LIMITED COMPANY. WE CONVERTED CAPITAL ASSET INTO STOCK IN TRADE. PLEASE SUGGEST THE ACCOUNTING ENTRIES TO BE PASSED IN THE BOOKS OF ACCOUNTS AT THE TIME OF CONVERSION OF THE CAPITAL ASSET INTO STOCK IN TRADE.
ALSO PROVIDE THE ENTRIES FOR SALE OF SUCH CONVERTED CAPITAL ASSET.
Dear krishna prashad
Stock in trade a/c Dr (book value)
To fixed assets a/c (book value)
2. a\c ing entries for sale is;
Debtor a|c Dr.
To sales
Regards
Vineet kumar
mob.7770010353
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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