Regarding maintaining books

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2016 A company,( business is to purchase cloth and prepare garments and then online sale) is started its purchase and offline sale ( as the site is under process) but has not regd as co. And it is under process. So can they show sale n pur made before registration in company books after registration

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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20 March 2016 Company take legal birth only after incorporation, before incorporation transaction pertain to purchase and sales is not considered as valid transaction, same can not be considered for booking prior incorporating purchase and sales transactions, moreover purchase and sales need to take vat Registration the transactions valid only from the date of application of vat, For applying vat require COI .

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2016 so how to show profit made before incorporation