Two set books of accounts

Dear All,

We are running a proprietor ship business. This year we purchased a land worth Rs.1.05 core. For that

I paid Rs.51 L through business money, Balance which I taken from by relatives.

Now the problems whether I have show the land in business or not. If yes please explain me how and

What to do for balance Rs.54L. (to capitalize whole land)

 

How Auditor suggested me that we will treat that Rs.51L as drawing. Don’t need to show the land in

Business for that from this year onwards you maintain another set of books of accounts anta.

 

Whether an individual can maintain two set of books of accounts ?

 

Thank you

Replies (1)

yes a induvidual can maintain two set of books of account..........

but in the given situzation i will suggest you to show the same land with full value in the balance sheet and loan from relative in liabilitie side....and further you can claim interest on loan as a expenses.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details