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Post Info TOPIC: New territory
Kirsty J


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New territory
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Hello all,

I'm as confused as a person can be right now. Here is my dilema.

I have just taken on a new client who happens to be my husband. He has been in a partnership now for several years and his partners have sold their shares on. Instead of a new partnership, a Ltd co has been formed and his share has been transferred over to the new company, but has increased from a third to 49% without him actually having to put any more money into the business.

How on earth do account for this in the ledgers or do I leave this to the accountant to do and just do the day to day stuff?

Feeling a bit like I've bitten off more than I can chew.

Thanks in advance

 

Kirstyworry.gif



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ADAS


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The Accountant should give you the opening trial balance for the new company. The ltd co is a new legal entity and completely separate from the partnership. Someone else may post in more detail but effectively it's a brand new set of ledgers.

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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Kirsty J


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Posts: 26
Date:
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Phew.

Thank you very much for that.

Kirsty



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