Kindly advise for entry in book of accounts. Proprietor has been death in Feb 21 His capital value Rs.3421000/- in shown in books. Rs.642000/-in March 21 adjusted with fixed assets and rest RS.2779000/- transferred to his A,B, & C, Under( HUF account) sons equally. in current year Son Mr.A is the proprietor of same form. But in books of account in which group i create the ledger of Sons Mr.A,B,C
16 December 2021
After the closure of father's proprietorship, Mr A will be have new proprietorship. So, close the old account & open new account under Mr. A (or Mr. A HUF) as proprietorship.
CAclubindia
