Disclose of Assests
This query is : Resolved
09 January 2010
i have a propriotor firm and diclose aof assests then what is the accounting entry of this and what is the income tax provision.
09 January 2010
First of all; you need not disclose your personal assets into the proprietory concern.
However; if you wish to show your assets in the firm; pass the following entries :
Dr the assets with their respective value
To Capital
---------------------
Care should be taken that the assets have been purchased out of your own capital in the past which has been created from assessed income.
However; if you wish to show your assets in the firm; pass the following entries :
Dr the assets with their respective value
To Capital
---------------------
Care should be taken that the assets have been purchased out of your own capital in the past which has been created from assessed income.
Murtaza I Bhagat
(Expert)
10 January 2010
agree with expert
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