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I have a company, which owns mainly financial assets, transferred all the assets to the new setup company. Currently their book looks like this:
Investment - unrealized gain/loss 20
Liability and Equity
Capital stock 125
Retained earnings -15
Net income 10
Does anyone know how to make journal entries to zero out the balance sheet for the old company and how to start the new company? Thanks a million!!!
Unless I am missing something, unrealized gain/loss
is not offset in the equity part as it should be
If you ended one business to start another you need the help of a tax accountant - there are personal tax implications to consider too