10-01-2009, 05:04 PM
Dear all
An unregistered partnership business was in place.
It was converted into Private limited company.
Total assets were taken at ---------Rs. 100,000,000
Total liabilities were taken at ----Rs. 20,000,000
What could be the possible treatment of the resultant capital receipts?
Is it correct if the company show it as the financing by the directors?
(Partners of the partnership business and the shareholders of the current company are same and they are also the directors?
Paidup share capital ----------------- Rs. 1,500
Regards
Waqas Shabbir
An unregistered partnership business was in place.
It was converted into Private limited company.
Total assets were taken at ---------Rs. 100,000,000
Total liabilities were taken at ----Rs. 20,000,000
What could be the possible treatment of the resultant capital receipts?
Is it correct if the company show it as the financing by the directors?
(Partners of the partnership business and the shareholders of the current company are same and they are also the directors?
Paidup share capital ----------------- Rs. 1,500
Regards
Waqas Shabbir
