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Company conversion features
If the formation costs are to be bourne by the company then the profit or loss on realization will be the same as the company then the new company (being the difference between purchase consideration and the net assets acquired)If the conversion takes place partway during the year, then it is important to update the partner’s capital and current accounts before closing off the books of the partnership. This means that the trading profit and loss account for the year should be split between the two periods i.e. when the business was run as a partnership and when the business was run as a company.The trading profit and loss account relating to the partnership period will include the profit and loss appropriation account showing how profits have been shared between the partners.The trading profit and loss account for the company will also have the profit and loss appropriation but this time it will only be for dividends and retained profits that will be taken to the balance sheet.The amounts due to the partners according to the balances in their capital accounts after making adjustments for profit or loss on conversion will be satisfied by payments made from the company in form of shares (ordinary or preference) and loan stock. The shares and loan stock will be shared between partners according to the some agreed ratio and the balance may be by way of paying or being paid cash.However different approaches may also be use to close off the books of the partnership and preparing the opening balance sheet of the company.
The chairman's declaration claims that RZP Co has delivered growth in every year in dividends earnings and ordinary share price apart from 2002. Analysis demonstrates that the chai
Q. Andy Eggers has invested $150,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount does Eggers stand to lose? a.
Profitability Ratios - These ratios include the Gross profit Margin, Net profit Margin, Operating Margin, Return on Equity (ROE), and Return on Total Assets. These ratios helps t
EXPLIN THE PROCEDURE FOLLOWED IN GOVERMENT SYSTEM OF ACCOUNTING IN INDIA.
Q. What is Demands For Grants? The budget proposals of the expenditures to be met out from the "Consolidated fund of India" should be presented in the form of Demands for Grant
Real estate depreciated under MACRS rules is subject to cost recovery using a mid-year convention. Mike converted his personal residence (acquired in 2001) to rental property th
what is the definition?
Profits in subsidiary company The remaining profits that belong to the holding company should be split between pre-acquisition profits and post acquisition profits. The pre
The following information was taken from the books and records of Ludwick, Inc.: 1. Net income $ 280,000 2. Capital structure: a. Convertible 6% bonds. Each of the 300, $1,000 bond
all types of assets
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