Desperate balance sheets
This query is : Resolved
06 April 2017
I am a proprietor and have shown a combined b/s for my business and personal assets. My assets comprise of my house and car. I have claimed depreciation on car and not on my house for business. But the same is shown as combined in fixed assets in the b/s. Kindly tell me the implications of this. And how should I rectify this now to show only business assets in the balance sheet.What happens if u sell my house now. What will be the implication
06 April 2017
For a proprietor it doesn't make any difference whether house is included in the balance sheet or not. If you sell the house it will not be a business profit but only a capital gain.
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