Old jewellery now to be shown in balancesheet??
This query is : Resolved
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.
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..
09 November 2013
how could jewellery entry pass through p/l a/c
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
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
- TDS on Consultancy- Non DTAA
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- Rental income gst and it purpose
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- EPF FULL & FINAL RULES IN 2026
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
