Dear Experts,
I'm working in pvt ltd co and my director running partnership firm, He want to transfer the machineries from partnership firm to pvt ltd co. what are the procedure and accounts treatment under GST & IT.
Thanks & Regards
Sathis Kumar
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Fixed asset transfer from partnership firm to pvt ltd co
Replies (1)
Procèdure:
1. evaluation of machinery.
2. valuation as per books.
3. loss or gain capital receipt
4. sale agreement between pvt limited co.
5. credit the proceeds to partnership Co.
6. t
gst bill tax invoice nature of machinery not mentioned so HSN code cannot be ascertained.
7. pass necessary entries .
cr. machinery
dr. Bank
dr. loss
cr. gain
as the case may be.
1. evaluation of machinery.
2. valuation as per books.
3. loss or gain capital receipt
4. sale agreement between pvt limited co.
5. credit the proceeds to partnership Co.
6. t
gst bill tax invoice nature of machinery not mentioned so HSN code cannot be ascertained.
7. pass necessary entries .
cr. machinery
dr. Bank
dr. loss
cr. gain
as the case may be.
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