House Asset in Balance sheet

keshav maheshwari (85 Points)

10 September 2022  

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