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Assests shown in books

kollipara sundaraiah (B.com) (2894 Points)

17 September 2020

I.t. Assess purchases of propertys(land or apartment or flat or others) shown fixed assest block in balance sheet or capital account transfer is correct method.

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3 Replies

pratik sanjay mohadikar (accountant) (93 Points)
Replied 17 September 2020

If he is an individual person than this is fixed asset for him. show in fixed asset

CA Raj Doshi (Practising CA) (8723 Points)
Replied 18 September 2020

Please reframe the question. Cannot understand

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 20 September 2020

If individual Purchase any site (means it's Land Purchase)
1. Than if individuals is engaged in business and Purchase it's for Business purpose than it will be considered as "Fixed Assets".
2. If individual is in business of Land i.e like developers, than its considered as "Stocks".
3. Otherwise, If Purchased as Investments purpose only, than in balance shown as "Investments".