Good Evening everybody....i have a query which i hope to be resolved in this forum..
'A' inherited a house property from his father. 'A' is a partner of a firm. The firm has a sanction of Cash Credit of Rs. 50 lac. from a bank where the same house property is given as a collateral security. Should the same properety be shown in the personal balance sheet (Capital A/c.) of 'A'? If yes, what would be the consequence of non-disclosure of such property???
CAclubindia
