Fixed Assets - Personal Asset to Business Asset
This query is : Resolved
11 March 2011
Mr. A has a sole proprietary business. He wants to introduce his Personal Computer and Motor Cycle into his business which he had purchased in April 2008 and Nov. 2007 respectively. At what amount should I book the values of the Fixed Assets in the Balance Sheet?
11 March 2011
It is advised to book the value of assets after providing considerable depreciation. Because if the assets are brought into business and you book them at full value and claim depreciation, AO would disallow the claim of depreciation on it.Better you book them after proper consideration of depreciation.
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