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House Asset in Balance sheet

A/c entries 338 views 4 replies

Hello ,

I want to understand and know whether a  Propreitory Firm  need to show House Asset value in balance sheet which is owned by Propreitor. I am of opinion that it's owned by individual and not by Firm name,so not required to show in company balance sheet .Please correct me if I am wrong .

Also whether Gold or personal loan or house loan  taken by Propreitor need to be shown in Firm balance sheet .

House Purchased in 2004 with home loan and Firm started in 2019.

Thank you 

 

 

Replies (4)

iF THE LOAN IS NOT TAKEN FROM COMPANY BANK ACCOUNT, NO NEED TO DISCLOSE IT IN BALANCE SHEET

Ok not possible
Personal assets need not be shown in business balance sheet..There wealth tax return for filing personal assets
Pls furnish detailed report about personal assets.


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