Asset show in books

160 views
User Avatar

B.com
3025 Points Posted on 24 January 2021
one of a service income I.t return individual status filed assess purchases of residential house value Rs:35 lacs.assess this value debited to capital account or asset show in under fixed assets head is correct method.
0 Reply Share Follow
On 24 January 2021 at 10:39 Report
Replies (2)
Quick Summary
This discussion explores the correct accounting treatment for a residential house purchase valued at Rs 35 lacs. The core question is whether this expense should be debited to the capital account or correctly classified under fixed assets. The consensus suggests showing the house at its stated value within the fixed assets section is the appropriate method.

User Avatar

Chartered Accountant
24588 Points Posted on 24 January 2021
It will be shown under fixed assets
Reply
On 24 January 2021 at 12:17
User Avatar

Chartered Accountant
86505 Points Posted on 24 January 2021
Show the house at above stated value in Fixed Assets
Reply
On 24 January 2021 at 22:03

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST Consultation Required – June–Augus
  2. TDS Code for Salary Payment to Non-Resident Intern
  3. TDS on property
  4. Company data for software
  5. Car purchase to be eligible for ITC
  6. GST Refund on payment to builder
  7. TDS u/s 194Q on electricity supply by DHBVN etc.
  8. Subject: Can I Apply for Fresh GST Registration on
  9. Additional place in GST RC
  10. Company 3 months old, INC-20A not filed, all 3 of

More recent discussions | Post

Related Topics :

Loading