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Personal State of Affairs & Balance Sheet of Firm

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(Querist)
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?
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
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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