Dear Members,
Stuck in a dilemma. We have a manufacturing business. A proprietorship was registered in the name of my father who expired in December last year. To keep the operations running we registered a new proprietorship in the name of my mother. Due to her old age, we decided to float a new partnership on 1st of April of next financial year, due to some delays in the registration of GST, my legal consultant suggested to keep the proprietorship running and once the new GST number is issued by the department we can shift the operations to partnership. He also suggested before closing the operations of proprietorship to bring the GST balance to minimum and stop all the purchase in proprietorship, while continuing the sales. Meantime we also started purchasing in the New Partnership.
I am confused about how the balance sheet of the current financial year will be filed, since an Old Proprietorship and a New Partnership are in functioning in the same period for a month.
Any help will be appreciated. Thanks in advance
CAclubindia
