CAN I BUY HOUSE IN THE NAME OF MY PROPRIETORSHIP CONCERN

Can i buy a house in the name of my proprietorship concern.What are the legal implications for the same .Also if i am having a personal balance sheet and a firm's balance sheet , can i include the residential house under the firm's balance sheet .

You cannot buy house in the name of your proprietorship concern because status of proprietorship concern and the proprietor is one and same. You have to buy in you name but you can pay from the firm's account and thereby can show it in your firm's balance sheet. 

If you have paid for house property from your personal account; still you can include it in your firm's balance sheet. For this; you have to pass one journal entry -

Dr the House Property

and

Cr. Capital Account.

This journal entry you can pass even you have purchased the house property some years back.