treatment in selling parties books
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2010
Dear friends
A is the (P) Ltd It is formed by 3 directors
Out which a is also one director
who transfered his proprietor business to company as a whole
how to make entry in directors books
Whether as transfer? or sale?
If sale Tax audit has to be done?
A is the (P) Ltd It is formed by 3 directors
Out which a is also one director
who transfered his proprietor business to company as a whole
how to make entry in directors books
Whether as transfer? or sale?
If sale Tax audit has to be done?
12 July 2010
In the director's book
Take all the assets and liabilities on the book value and pay the purchase consideration to the director. If there is any difference in the amount paid it will be considered as goodwill/capital loss.
Take all the assets and liabilities on the book value and pay the purchase consideration to the director. If there is any difference in the amount paid it will be considered as goodwill/capital loss.
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