Old jewellery now to be shown in balancesheet??
This query is : Resolved
CA SONIYA AGARWAL
(Querist)
09 November 2013
my aunty has a old jewellery of around 3 years back , she now want to show in her balance sheet the jewellery can that be possible if yes how will the balance sheet be adjusted.
CA Sanjeev Kumar
(Expert)
09 November 2013
That can be possible and the entry will be ;
Jewellery Dr.
PL a/c Cr.
and the disclosure is required to this effect as per AS-4.
Why PL a/c is to credited :
The reason is that, this case is as good as rectification entry that should had been passed three year back, and now it is to account for. Further, the value of above should be after notional depreciation of three year.
I think you don't have practical exposure, PL /ac is part of capital a/c.. Don't you know that PL a/c is added to capital a/c as last..
Jewellery Dr.
PL a/c Cr.
and the disclosure is required to this effect as per AS-4.
Why PL a/c is to credited :
The reason is that, this case is as good as rectification entry that should had been passed three year back, and now it is to account for. Further, the value of above should be after notional depreciation of three year.
I think you don't have practical exposure, PL /ac is part of capital a/c.. Don't you know that PL a/c is added to capital a/c as last..
CA SONIYA AGARWAL
(Querist)
09 November 2013
how could jewellery entry pass through p/l a/c
CA Lokesh Pokharna
(Expert)
09 November 2013
It should be by addition into capital account .. in personal accounting adjustments can be done via capital account.
jewellary ac dr.
to capital a/c
jewellary ac dr.
to capital a/c
CA SONIYA AGARWAL
(Querist)
09 November 2013
thanks CA. Sanjeev Kumar
09 November 2013
Jewellery is not an income. Its addition to capital. Hence to be taken to balance sheet directly. No depreciation to be charged and has to be shown at historical cost. Market value may be shown in brackets as on balance sheet date.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Accounting treatment of AMC alongwith the purchase of Laptop
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
