Balance Sheet

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CA Nitin Wadhwani (Querist)
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30 August 2008 author : Mitesh Shah
Posted On : 8/29/2008 12:59:20 PM
dear all,

i have a partnership firm. i m one of the parner of the firm. last year(2007-08) my grand father tranfer godown on my name. and i use it to for firm. but i not shown this godown in my balance sheet.

Current value of this godown rs. 40 lacs as per the valuation so in this year. i want to shown godown in my balance sheet for CC purpose.

so wht can i do?
wht is the negative and possetive effect of the same?
how can i take this asset in my balance sheet?
and it is affected in tax audit. how can its affected?

if we capitalise same so can we have to pay intrest more?

Plz reply the same and give me good suggestion for that.

Mitesh.

Answer: U Can Show It In UR Personal Balance Sheet.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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30 August 2008 Grand father has transferred by way of gift or sale ???.

Assuming that it is by way of gift , you can incorporate the same in your balance sheet by crediting capital account. The value should be as per gift deed .