15 January 2010
PLS REPLY MY QUERY https://www.caclubindia.com/experts/experts_message_display.asp?group_id=315715
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.
15 January 2010
If Supertrading is going to take over all the assets and liabilities of Master sales at the book value then assets will be added at book value in its existing assets, liabilities will added in existing liabilities and capital will be added in existing capital.
If firm is going to make revaluation of assets and liabilities then they will appear in the books of super trading at revised figure. The difference will be adjusted in capital/revaluation reserve or goodwill.
15 January 2010
Agree with Veena. Since the new firm is from July only, the transaction during April to till date of transfer should be considered because the position on the date of transfer shold be taken into consideration.
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