Please Help: ACCOUNTS
Posted Date : 12-Dec-2013 , 02:34:54 pm | Posted By: SHASHI RANJAN
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Accounts | Answers :
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In previous Year purchase a flat and show in the BALANCE SHEET As ASSETS and i want to change its AS INVestment pls suggest me What I do AS per ACCOUNTING STAndard-1 please suggest with what i write inside balance sheet (in previous year no charge depreciation on flat) |
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 Answer by: Shankygarg |
| FIRSTLY,FOR GROUPING FLAT IN INVESTMENTS IN LONG TERM INVESTMENTS , IT SHOULD BE NOTED THAT THE FLAT SHOULD NOT BE USED FOR BUSINESS OPERATIONS.
IF IT IS NOT USED FOR OPERATIONS - THEN IT CAN BE CLASSIFIED AS LONG TERM INVESTMENT. AS PER AS-1 , IT WOULD AMOUNT TO CHANGE IN ACCOUNTING POLICY OF VALUATION OF FIXED ASSETS & AFFECTS THE CONSISTENCY PRINCIPAL.SO IT SHOULD BE DISCLOSED IN NOTES TO ACCOUNTS.
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| Comments |
| Posted By : SHASHI RANJAN |
13-Dec-2013, 12:32:07 |
| if the assets acquired in 2001 and business entity are purchase & sale of properties then answer are same |
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