Two companies making aop

Mayank Mishra (Asst. commissioner of Income Tax)   (34 Points)

08 October 2011  

Dear all

1. two companies 'x' and 'y' made an AOP , with profit sharing ratio of 51% and 49%.

2. last year they produced common capital account as schedule 1 of the balance sheet(as the AOP was formed in the concerned previous year)

3. this year they are producing two different capital account in the schedule 1 of the balance sheet in the name of 'capital account of X' and 'capital account of y'

4. closing stock+ net profit (as per the shares) is different in the opening stock of this year.

5. kindly help, how to proceed.

thanks