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Q. > Please Help: ACCOUNTS
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)
answered Dec 12, 2013 by shankygarg , Karnal
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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SHASHI RANJAN
13-Dec-2013 , 12:32:07 pmif the assets acquired in 2001 and business entity are purchase & sale of properties then answer are same