Home loan

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Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2011 how to show home loan in balance sheet. house is self occupied.

Last year
Value of the House is Rs. 8 Lakhs
Home loan against it Rs. 4.5 Lakhs

This year
Value of the House is still (No depreciation bcoz self occupied) Rs. 8 Lakhs
Home loan against it Rs. 3.5 Lakhs

Now my question is that how can tally the balance sheet.

CA Satish Badve

CA Satish Badve (Expert)
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13 October 2011 On assets side House Rs.8/- lac's, on liability side capital A/c(own funds)Rs.3.5/-lac's, Home loan Rs.4.5/-lac's.Next year asset side house Rs.8/-lac's, on liability side capital a/c Rs.4.5/-lac's , Home loan Rs.3.5/-lac's.