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gold used for personal
'gold's used for personal use, comes under which head in balance sheet. give me reply it's explanation plz
Replies (7)
it is treated as drwaing... deduct from your capital amount
but one CA said it is shown in investment and some one said it is shown under current asset
in my question, Iam not purchasing gold, I already have gold, and where it is shown in b/s
If you are preparing personal balance sheet, then it will be shown in investment.
if you are using personal gold for your business purposes then it is shown in balancesheet as investment or current asset depending upon your nature of business...but if it personal balancesheet then shown in your investment
Iam preparing individual b/s,how it is shown in personal b/s as investment , why we should not show in current asset
how it is investment, there is no generation of any income on gold.( Iam preparing individual b/s)
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