Rama (Proprietor) (24 Points)
10 June 2010The Experts
Kindly give me the rules / terms / bases on which Nett Worth Statement is prepared for a firm that has stopped operations for over 3 years. The firm has 4 immovable assets purchased over 10 years back and built office for self use 9 years back in one of the property.
Any case would be worth looking into and thks.
JITENDRA KUMAR DHINGRA
(Executive)
(93 Points)
Replied 12 June 2010
Respected Everyone,
Where the firm has purchased some assets before some year it may have some realisable value now. first you should determine the Net realisable value or Its market price that can be fetched from the market.Consolidate amount of all the asset and reduce by the amount if firm has any liability outstanding now excluding the portion of capital account and surplus.That would be the net worth of firm.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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