Capital assets transfer from proprietary to limited company

In order to close all Fixed Assets in proprietary firm you have to make the following Journal Entry :

Realisation A/c Dr.

   To All Fixed Assets A/c ( Individually )

Comany A/c Dr.

    To Relisation A/c

If there is any profit on relisation i.e. Purchase consideration is more than the value of asset than

Realisation A/c Dr.

   To Capital A/c

otherwise reverse the entry

For making final payment

Capital A/c Dr.

    To Equity shares in company A/c

For closing the company and Equity shares in company A/c

Equity shares in company A/c

   To Company A/c

here it's the end to the journal entries to proprietary firm

For Company point of view

All Fixed Assets A/c Dr.

Goodwill A/c Dr. (For excess payment than value of assets)

   To Business Purchase A/c (with purchase consideration)

   To Capital Reserve A/c (for less payment than value of assets)

Business Purchase A/c dr.

  To Equity Share Capital a/c (Being equity shares alloted in consideration of assets)

However all these entries will fulfill your first requirement, however for your second question, i think there is a tax implication because you are the 97% Stakeholder in that company and after transferring the assets for gettting the consideration you are still the owner for these assets.

Wait for others suggestions ....