Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Assets disclosure

730 views

Save Share

Join Us Follow Us Add as Source

Vibhor Pandey

FINAL

63 Points Posted on 22 November 2011

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

5764 Points Posted on 22 November 2011

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