Vibhor Pandey (FINAL) (106 Points)
22 November 2011Dear 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.
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 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
CAclubindia
