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Cost price or market price


rakesh (IPCC Student)     27 March 2014

rakesh
IPCC Student 
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respective member's i have a query regarding closing a partnership firm sir my firm is closed on 31/03/2014 and start new name of pvt. ltd. in april 2014 sir we have closing stock of our firm rupee 800000/- aprox. shows in balance sheet or sale to new company. and if show then it show on at cost price or market price

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Manoj Mehta (Head Of Department (Accounts & Finance))     28 March 2014

Manoj Mehta
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Dear sir, if the stock is taken over by other firm then should be done in cost or market price whichever is lower and if the firm is dissolved and not taken over then should be done on market price. Regards

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rakesh (IPCC Student)     28 March 2014

rakesh
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If sales to new company then what is producer is same as its sales or other

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rakesh (IPCC Student)     28 March 2014

rakesh
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In case of sale the vat is applicable @ 6.05% and purchase new company before 31 st march. The new company start wirk on first april and firm is closed 31 st march i so confuse please help me

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rakesh (IPCC Student)     28 March 2014

rakesh
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Work on 1 st april F/y 2014-15

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Manoj Mehta (Head Of Department (Accounts & Finance))     28 March 2014

Manoj Mehta
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Dear i am not 100% sure but in this case sales will not be booked and jv(s) should be made in book as partnership firm is changed to company. So book it on cost basis in books of accounts as transfer entries. Regards

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rakesh (IPCC Student)     28 March 2014

rakesh
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Okey thanx sir Partnership audit is copursuly or not when partnership ffirm is closed

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Manoj Mehta (Head Of Department (Accounts & Finance))     28 March 2014

Manoj Mehta
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Depends on your turnover.

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rakesh (IPCC Student)     28 March 2014

rakesh
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40 lakh p.a. is compusely to audit

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Manoj Mehta (Head Of Department (Accounts & Finance))     28 March 2014

Manoj Mehta
Head Of Department (Accounts & Finance) 
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Section 44ab ask for 1crore so not required to get your accounts audited. But i suggest you to do so as when a firm is usually closed scrutiny cases comes in. Regards


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