Asset purchased in joint name
This query is : Resolved
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..
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.
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.
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
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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