Gold os Silver Ornaments Purchased
This query is : Resolved
21 July 2008
Suppose if gold or silver ornaments are purchased by an Individual then it is to be shown under Investments or under drawings?
21 July 2008
In case any Capital Asset is written off as drawings, then also it remains as a capital asset. The accounting policy followed does not make any difference in such a case. However, it is better proposition if the same is capitalised and shown in the Balance Sheet as an asset.
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