1) can anyone let me know what would be the accounting entries to be passed in the 1st year of incorporation of an LLP?
2) what is better - fixed capital account or fluctuating capital account ?
3) can I purchase computer or any other fixed assets from the capital introduced by the partners ?
As per my knowledge.,
1. Mainly enter the promoter(s) details and their capital introducing entries. After that regular business transactions and financial transactions...
2. Better to keep both accounts as Fixed h Fluctuating...
3. Yes... Why not...?!. You can.
CAclubindia
