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General Accounting Discussions: Cease Of Business & Inter-Company Outstanding

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    • CommentAuthortgm603
    • CommentTimeAug 31st 2009
     
    Please anyone here help me on this accounting treatment.

    My boss has 2 companies :

    ABC = a proprietorship
    XYZ = a private limted company

    ABC already ceased business officially in April , 2008
    XYZ is still active

    Problem is : what is the accounting treatment to settle the inter-company outstanding between ABC & XYZ ? ABC company's account will be written up till April, 2008 as ( January 2008 to April 2008 ) as this proprietorship stop business by end of April , 2008. Please let me know the accounting entry in both ABC book as well as in XYZ book. Many many thanks for helping.

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