k.kartheek (B.Com) (30 Points)
17 July 2017
CA Amrita Chattopadhyay
(Audit & Assurance)
(13459 Points)
Replied 29 July 2017
In the individual Balance Sheet, the jewellery items are considered as assets as they can be used or converted to cash during short duration & used for the purpose of business / profession.
If there are plans to realize the same within short duration, they can be considered as current assets else they are considered as fixed assets.
CAROUNDTHECLOCK
(CEO)
(60 Points)
Replied 18 August 2017
It depends on the nature of business and intention of the individual on acquiring the jewellery.
CAclubindia
