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Joint house property at balance sheet
my client buy new property under husband and wife name jointly. Amount also 50 percent paid each bank account. now how to account at balance sheet 50 percent of property at husband and wife balance sheet or full value of property at any one of balance sheet . explain experts
Replies (4)
Quick Summary
If the property possession is pending as on 31st March, then account the amount paid as advance in each Account.
If the property possession is received and agreement done as on 31st March, then capitalise 50% of the total cost in each books as fixed assets
If the property possession is received and agreement done as on 31st March, then capitalise 50% of the total cost in each books as fixed assets
You will show the value of the property for which consideration has been paid by the respective person.
For eg. If both the parties have contributed 10 LAcs each for the Rs. 20 Lacs property then you will mention - " 50% share in ____ property - Rs. 10 Lacs" in the balance sheet.
Thanks experts. I am understood
I have a question if Husband has contributed 70 lakhs and 5lakhs contributed by wife and property is purchased worth 75 lakhs in name of wife.How do we account it in Wife balance sheet?
My view is to show a unsecured loan with respect to 70 lakhs as property is shown in wife books.
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