Personal State of Affairs & Balance Sheet of Firm
This query is : Resolved
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?
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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