Anmol Agrawal (Student CA Ipcc) 18 October 2019
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.
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Prakash Gehani (Consultant & Teacher(Whatsapp 8718057907)) 31 October 2019
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.