12-22-2010, 12:41 PM
we bought an already established co.whose land was on lease.we changed Company name and shareholders through legal procedure and paid the expenses for all that.in addition to the above we paid 300,000 to the old company which took the responsibility of all company's debts and obligations....but this thing is verbal not in writing.my question is how will we show this amount in accounts,by which name...and also wot is the legality of this transaction.....