Inherited assests
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 July 2012
If a person is proprietor of a firm and he shows all his acquired assets e.g.residential house, in his balance sheet of business, can he include the inherited assets e.g. property and cash in the balance sheet. If yes, what should be basis of valuation of property to show the value of property in the balance sheet.
ARUN KUMAR MAITRA
(Expert)
17 July 2012
Only business property can be shown in the Balance Sheet.
ARUN KUMAR MAITRA
(Expert)
17 July 2012
Valuation of the property shown in the Balance Sheet should be done through some experts like registered valuers or a C.A.
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