Audit & accounts

This query is : Resolved

kamna bisht (Querist)
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10 April 2015 In a partnership firm they are using building of one of the partners but they are not showing such building in their books nor they are charging dep can you please explain the treatment of such building in the firm.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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12 April 2015 why they are not showing such... they can take it on rent basis na...

kamna bisht

kamna bisht (Querist)
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14 April 2015 ya according to me they should show treat the building as there fixed asset but i don't know y they are not showing it ... m confused....

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CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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14 April 2015 they cant show it as fixed asset dear.. its partners private property.. but yes they can take it on rent and charge rent in profit and loss a.c

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kamna bisht

kamna bisht (Querist)
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14 April 2015 thnx sir , i understand your point but they are not showing it on rent basis as well....... if u can please clear that except rent .Is there any other way of treating that building .

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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14 April 2015 nopes... there is no other treatment either to show as rent.. or buy it from partner and make a asset of partnership firm

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