Asset purchased in joint name

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This query is : Resolved

CA Nagaraj Bhat (Querist)

05 August 2010 Can a joint holder of a property, show full cost in balance sheet. Other joint holder is not showing in his balance sheet. Please provide case law if any..

Parveen Bansal

Parveen Bansal (Expert)

06 August 2010 Joint holder can show only the cost incurred in the balance sheet. The fact that other holders are not showing their cost does not change the accounting of Joint holder.

Ranjeet

Ranjeet (Expert)

06 August 2010 You can only show that value of assets in the books which you have paid for. means half of the value, not full of the value either other owner of the asset is showing in his books or not. what other person is doing in his books never affect your accounting.

Lalit Maheshwari

Lalit Maheshwari (Expert)

07 August 2010
Dear Niraj

Where an person owns fixed assets
jointly with others (otherwise
than as a partner in a firm), the extent of its share in such assets, and the
proportion in the original cost, accumulated depreciation and written down
value are stated in the balance sheet.

Alternatively, the pro rata cost of such jointly owned assets is grouped together with similar fully owned assets.
Details of such jointly owned assets are indicated separately in the fixed Register

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