Cost price or market price

Dear sir, if the stock is taken over by other firm then should be done in cost or market price whichever is lower and if the firm is dissolved and not taken over then should be done on market price. Regards

If sales to new company then what is producer is same as its sales or other

In case of sale the vat is applicable @ 6.05% and purchase new company before 31 st march. The new company start wirk on first april and firm is closed 31 st march i so confuse please help me

Work on 1 st april F/y 2014-15

Dear i am not 100% sure but in this case sales will not be booked and jv(s) should be made in book as partnership firm is changed to company. So book it on cost basis in books of accounts as transfer entries. Regards

Okey thanx sir Partnership audit is copursuly or not when partnership ffirm is closed

Depends on your turnover.

40 lakh p.a. is compusely to audit

Section 44ab ask for 1crore so not required to get your accounts audited. But i suggest you to do so as when a firm is usually closed scrutiny cases comes in. Regards

Thanx for ur pricious guidelines Regards

dear as per my concern since partnershio is closing down on 31.3.2014 hence on dat date ...closing stock shall be sold at agreed price between partner but it should not be less then market price. aftrr that one of partner purchase in his name nd when copmany incorporated the same shall be sold by partnr to com. at the same price at which he has purchased. by this procedure u will save from any procedding like scrutiny by income tax.