Dear All,
We are running a proprietor ship business. This year we purchased a land worth Rs.1.05 core. For that
I paid Rs.51 L through business money, Balance which I taken from by relatives.
Now the problems whether I have show the land in business or not. If yes please explain me how and
What to do for balance Rs.54L. (to capitalize whole land)
How Auditor suggested me that we will treat that Rs.51L as drawing. Don’t need to show the land in
Business for that from this year onwards you maintain another set of books of accounts anta.
Whether an individual can maintain two set of books of accounts ?
Thank you
CAclubindia
