Gst closure of partnership fir.

asheeq ua (ca ipcc) (313 Points)

20 June 2020  
Hi everyone...

Opening stock as per last audited balance sheet is 130000. sales as per gst return for the FY 19-20 is around 105000 and purchases is 980970. And there is around 130000 stock. But its partnership firm and its been closed.

1. So what should be done? Should they clear stock in hand inorder to cancel Gst registration and inorder to close partnership firm.

2. Partnership firm is consisting of 2 member. One partner is going and firm is closing. And the another partner is continuing business as sole propriter in the same name. So my question is stock in hand in the name of firm can transfer to proprietary business??