kiran (Audit Manager) (106 Points)
16 July 2009there was a company called xyz, the liabities of Rs.100 and assets of Rs.10 has been transferred to ABC. But these entries were considered in pqr which is department of ABC. In ABC the expenses incurred will be given impact at the end of the year in ABC Books.
The liabilities of xyz are not considered in abc books those liabilities have to be given effect in ABC Books
how the entry should be?
CA Hardik
(Profession)
(92 Points)
Replied 25 July 2009
Friend
the entry in books of ABC should be as follow
pqr Dr 90
Asset Dr 10
to Liability 100
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