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Assets disclosure

Stat Audit 593 views 1 replies

Vibhor Pandey

FINAL

106 Points Joined January 2010

Dear All ,

One Of Our Clients Hasnt Disclosed The Assets Fans In His Balance Sheet, Which Are Used In Factory. The Fans Were Purchased About 5 Years Ago & The Said Client Doesnt Have Their Purchase Bill.There Are 150 Fans In The Factory , Which Is A Significant Figure.Now My Questions Are :-

(1) Can We Include The Assets Fans In Balance Sheet Now ?

(2) If Yes , At What Value It Can Be Taken?

Thanks And Regards.

Replies (1)

sivaram

Asst Mgr-Taxation

6918 Points Joined April 2009

Value would have come down since five years lapsed .Better to ignore such assets now in bringing it to books .Fans may be branded or un branded.Unbranded fans fetch only meagre value in market

If at all to be included I think it could only be at Realisable value