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Transfer of buissness assets
there were two individual firm, the two firm dissolve, and formed a new partnership firm, the two individuals firm sold there buissness stock to the new partnership firm by paying gst, my question is whether the goods purchased from individual firm will be shown as capital introduced or as sundry creditors in partnership firm, the partners are withdrawing the amount from firms of goods sold
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The partners are not introducing anything from their own sources, but it's been transferred from old business to new business. so the goods transferred shud be shown as stock of new firm.
not sure why GST was paid for transfer from old to new firm, ad the business and the partners remaining the same
not sure why GST was paid for transfer from old to new firm, ad the business and the partners remaining the same
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