EARLIER QUERY

This query is : Resolved

Murtaza I Bhagat (Querist)
Follow

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.

THANKS IN ADVANCE

veena

veena (Expert)
Follow

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.

ARUN KUMAR V

ARUN KUMAR V (Expert)
Follow

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.

Upgrade to CAclubindia Pro. Subscribe Now!