Treatment of cc against property in balance sheet?
This query is : Resolved
17 March 2017
An assessee took out a CC limit from a Bank against mortgage of property at the beginning of the year
How to show it in Balance Sheet at the end of the year?
How much to show in liab side and how much to show in assets side?
Please help..
Thanks in advance..
How to show it in Balance Sheet at the end of the year?
How much to show in liab side and how much to show in assets side?
Please help..
Thanks in advance..
17 March 2017
Show CC utilised under secured loan closing balance in liability side, no change in Asset side.
18 March 2017
The property is a residential property..
Assessee operates his business from home..
So..
Should the property being shown as Assets in Balance sheet?
Should the property be shown at COST (Land & Building)?
Assessee operates his business from home..
So..
Should the property being shown as Assets in Balance sheet?
Should the property be shown at COST (Land & Building)?
18 March 2017
If it is proprietary concern, property belongs to proprietor same can be shown at purchase cost in fixed assets side.
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