A individual it person purchase of new residential house f.y.23-24
question:
assessess purchase of new residential house debited to capital account or debited to fixed assets block correct method for it purpose.
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Purchase of residential house debit account
Replies (2)
if it is a residential house, why would you add it to fixed asset block?
Depends on the purpose on which it was acquired...
Personal Use: Debit the purchase cost to the capital account.
Business/Professional Use: Debit the purchase cost to the fixed assets block.
Personal Use: Debit the purchase cost to the capital account.
Business/Professional Use: Debit the purchase cost to the fixed assets block.
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