Conversion of Partnership into Pvt Company
This query is : Open
23 November 2020
Dear Sirs,
Ours was a partnership firm dealing in PWD contract and converted into Pvt ltd co in July 2019. We have transferred all assets and liabilities as on date of conversion to new co. Since our customers are government and even though we had informed them about conversion, we had to issue invoice in the name of old firm upto February 2020. This was reflected in 26AS and GST TDS, GST returns etc. And booked some expenses also Is it legally correct? Whether we need to transfer it to new Co?? Also, whether balance sheet as on 31.03.2020 need to be NIL?? Bcoz whether TDS etc to be shown in BS?
Please advice.
Ours was a partnership firm dealing in PWD contract and converted into Pvt ltd co in July 2019. We have transferred all assets and liabilities as on date of conversion to new co. Since our customers are government and even though we had informed them about conversion, we had to issue invoice in the name of old firm upto February 2020. This was reflected in 26AS and GST TDS, GST returns etc. And booked some expenses also Is it legally correct? Whether we need to transfer it to new Co?? Also, whether balance sheet as on 31.03.2020 need to be NIL?? Bcoz whether TDS etc to be shown in BS?
Please advice.
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