Audit & accounts
This query is : Resolved
10 April 2015
In a partnership firm they are using building of one of the partners but they are not showing such building in their books nor they are charging dep can you please explain the treatment of such building in the firm.
12 April 2015
why they are not showing such... they can take it on rent basis na...
14 April 2015
ya according to me they should show treat the building as there fixed asset but i don't know y they are not showing it ... m confused....
14 April 2015
they cant show it as fixed asset dear.. its partners private property.. but yes they can take it on rent and charge rent in profit and loss a.c
Message likes :
1 times
14 April 2015
thnx sir , i understand your point but they are not showing it on rent basis as well....... if u can please clear that except rent .Is there any other way of treating that building .
14 April 2015
nopes... there is no other treatment either to show as rent.. or buy it from partner and make a asset of partnership firm
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
