there was a company called xyz, the liabities of Rs.100 and assets of Rs.10 has been transferred to ABC. But these entries were considered in pqr which is department of ABC. In ABC the expenses incurred will be given impact at the end of the year in ABC Books.
The liabilities of xyz are not considered in abc books those liabilities have to be given effect in ABC Books
how the entry should be?
Please ask problem properly.
Friend
the entry in books of ABC should be as follow
pqr Dr 90
Asset Dr 10
to Liability 100
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
