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Accounting of Utensil

This query is : Resolved 
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(Querist)
04 March 2009 An individual purchased Gold or silver utensil for household purpose and gold or silver bar or coins, is it debited to jewellery under Balance Sheet or under any other head.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
04 March 2009 Dear Umesh,
If he has purchased for household purpose then no accounting entry will be passed in books of business.
Make sure that assessee has already shown enough income in earlier years so as to justify this purchase.
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