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Balance sheet of prop firm

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(Querist)
06 December 2020 In a balance sheet of prop firm ,the housing loan taken by prop is shown as capital while house is not reflecting in fixed assets side. The balance sheet is duly signed by CA.I think it's invorrect. What does he law says ?Kindly guide?
Regards.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 December 2020 First of all the housing loan taken should not be shown as capital, but should be shown under liabilities housing loan and house should be shown under assets.
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