01 September 2008
Please give your opinion on the following issue. A partnership business with completed balance sheet for the year end 31-03-2007 was converted as a pvt. ltd. co from 01-04-2007. All the assets and liabilities were taken over by the Pvt Ltd and March 2008 is the first Balance sheet for Pvt Ltd Co. For depreciation Calculation can we treated WDV of Assets in Partnership firm as Opening Balance in Pvt Ltd Co.
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