Conversion of sole proprietorship to a partnership firm


Anmol Agrawal (Student CA Ipcc)     18 October 2019

Anmol Agrawal
Student CA Ipcc 
 17 points

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A sole proprietorship got converted to a partnership firm in june 2018. It continued performing it's business under proprietorship for first two months.
Now, How to transfer the balances to the new firm?
What would be the treatment required to be shown in the balance sheet?
the closing in the proprietorship is NIL due to transfer which results in a huge net loss. Please assist.

avater

Prakash Gehani (Consultant & Teacher(Whatsapp 8718057907))     31 October 2019

Prakash Gehani
Consultant & Teacher(Whatsapp 8718057907) 
 150 likes  1260 points

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All assets and liabilities of properitorship on date of conversion will became assets and liabilities of partnership firm and properitor capital will became his capital in partnership firm.

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