14 January 2010
Dear Experts, I want your help of below matter, I have 2 firm in two different place first one (super trading) is where I am living rightnow second (master sales corporation) is in my father's town with same nature of business. after I decided to close master sales corportation and transfered their capital to my super trading after settlement of my all a/c. so how I do the entry ?
15 January 2010
It's like absorption/ amalgamation in nature of purchase. Assets Dr Liab Cr Cash/ Capital Cr (depending on how you pay for) Difference if any would be goodwill/ capital reserve)
15 January 2010
THANKS FOR REPLY I WANT TO KNOW ABOUT THE STATUS OF MASTER SALES CORPORATION THAT IS OF F.Y. 07-08 GIVEN BELOW OK ASSETS 11520 POST INVESTMENT 19500 CLOSING STOCK 2469662 DEBTORS 12118 OTHER INVESTED CAPITAL 153596 CASH 2675 BANK 4384 OTHERS 1014538 TO CAPITAL 663408 TO LOAN A/C 1544409 TO CREDITORS 1480176
NOW NEXT YEAR WE HAVE TO CLOSED THIS FIRM AND TRANSFERED CAPITAL OF RS.600000 TO SUPER TRADING ON JULY WHAT WILL BE THE EXACT POSITION
PLS GUIDE ME IN THIS CASE I AM ALOT THANKFUL TO ALL THE EXPERTS.
CAclubindia
