Personal State of Affairs & Balance Sheet of Firm

This query is : Resolved

SHAMNHU NATH TRIVEDI (Querist)
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15 December 2019 My Client Has taken all its Personal Land & Building, SB A/c Balalnce in his Personal State of Affairs, and Firm Balance Sheet Shows Business Assets and Firm Banl A/c Balances, AO is not agreed He says Since Business is Proprietorship Firm all of Assets should Come in Firm Balance Sheet only, Whether He is Correct?

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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26 May 2020 Business Balance Sheet will only show assets and liabilities as available in the business. However it is a different matter that the liability of the proprietor is unlimited and includes all the personal assets.

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