Settlement Deed of property
Vikash (G) (360 Points)
17 April 2024
Nikhil Kaushik
(Fellow CA)
(85136 Points)
Replied 18 April 2024
transfer the book value to reserves/capital account.
sabyasachi mukherjee
(26107 Points)
Replied 21 April 2024
Nikhil Kaushik
(Fellow CA)
(85136 Points)
Replied 21 April 2024
Vikash - that is why you need to transfer the asset to capital account. Because if you create an account for C and transfer to the asset to C's account, then it would create another asset in your balance sheet in name of C. That is not the purpose of the settlement deed. You are removing the asset from your balance sheet and the corresponding debit is on personal side. Hence, debit the capital account.
Vikash
(G)
(360 Points)
Replied 22 April 2024
Vikash
(G)
(360 Points)
Replied 23 April 2024
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