sir, shop purchase new, not for personal or buisness use,
should i show under investment or fixed assest in balance sheet.
loan from friend on interest, can i show in capital account or mandatory to show as liablity?
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Quick Summary
This discussion addresses the correct accounting treatment for a newly purchased shop not intended for personal or business use. It clarifies whether the shop should be classified as a fixed asset or an investment on the balance sheet. Additionally, it explores how to account for a loan taken from a friend with interest, specifically whether it can be included in the capital account or must be shown as a separate liability.