i have a business of garment job work
my annual turnover is 40 lacs.
i have taken a loan amounting to Rs. 17 lacs for purchase of a residential flat .
my question is that should i show this flat in my balance sheet for the FY 2019-20
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 15 July 2020
No need show in the business account...
SURAJ SHARMA
(Junior accountant)
(135 Points)
Replied 15 July 2020
Yes you show in the balance sheet that effect your total net worth.
V. NAVEEN KUMAR SICASA
(192 Points)
Replied 15 July 2020
In my view:
In the case of Proprietorship :individual can have two balance sheets. One is business balance sheet and another is personal balance sheet. Residential plats to be shown in personal balance sheet.
In the case of Proprietorship :individual can have two balance sheets. One is business balance sheet and another is personal balance sheet. Residential plats to be shown in personal balance sheet.
Yasir
(article assistant )
(466 Points)
Replied 16 July 2020
But sir EMI paid through business current account
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