Disclose of Assests

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Jagdish Harjibhai Patel (Querist)
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09 January 2010 i have a propriotor firm and diclose aof assests then what is the accounting entry of this and what is the income tax provision.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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09 January 2010 First of all; you need not disclose your personal assets into the proprietory concern.

However; if you wish to show your assets in the firm; pass the following entries :

Dr the assets with their respective value

To Capital
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Care should be taken that the assets have been purchased out of your own capital in the past which has been created from assessed income.