House Asset in Balance sheet

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)
Quick Summary
This discussion explores whether a proprietor's personal house asset should be included on a proprietary firm's balance sheet. The consensus is that personal assets, like a house purchased by the proprietor before the firm's inception, are not required on the company's balance sheet as they are owned by the individual, not the firm. Similarly, personal loans or home loans taken by the proprietor, unless directly linked to company finances, should not be disclosed on the firm's balance sheet.

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.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details