Urgent-----prop. to partnership which one is better
This query is : Open
19 September 2011
one of the Trading concern(Cement Trading) Handled two people but till up to time this one is as a proprietary.
both are Govt. Servant and salary is non taxable.
so please guide me ..... is partnership will be better for them with their name or wife's.
And please also suggest....
Purchase 1000 Bags (cement)
Sale(Billing) 600 Bags
Cash sale(non billing) 400 Bags
then tell me accounting for non billing (Cash) Sale.
both are Govt. Servant and salary is non taxable.
so please guide me ..... is partnership will be better for them with their name or wife's.
And please also suggest....
Purchase 1000 Bags (cement)
Sale(Billing) 600 Bags
Cash sale(non billing) 400 Bags
then tell me accounting for non billing (Cash) Sale.
19 September 2011
In case mentioned by you i feel partnership businees on the name of wife will be better.
And in case of accounting entries of cah sale in my opinion no entry should be passed rather purchase should be shown at such lower extent in properiteroy books.
And in case of accounting entries of cah sale in my opinion no entry should be passed rather purchase should be shown at such lower extent in properiteroy books.
19 September 2011
if i cant booked cash sale then whats about stock
19 September 2011
When u lower down your purchase to 600 bags only no matter of stock will arise.
19 September 2011
But how i can book purchase only 600 bags instead of 1000 bags.
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