First ever audit

If you going to get your accounts audited you need to first maintain proper accounts and if you are preparing proper accounts then this question should not arise now.

Anyways first of all you only need to show business assets in this balance sheet.

Second if you say all your assets have been received from your father then also you need to show them properly in your books because if you sell them one day then you need to have some proof that you owned them.

As far as land is concerned it needs to be shown at the value purchased.

As far as depreciable asset is concerned say for eg: building and such things then within 20 years it's wdv would have been zero so just show them in your capital account with negligible value. If there are any asset of which bill is available with you then find it's wdv for 1-4-18 and then calculate depreciation on them because you must be requiring asset to run your business.

Your CA should be knowing all this.

If you don't have a CA we can help you with those services.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

No you don't need to show any of your personal items in balance sheet.

And sir,

I don't want to sound rude or anything but I am being professional and advising based on my experience as balance sheet is as important as profit and loss account because first of all it needs to match and secondly in case of first audit there are chances of department asking to show the details of capital account so prepare it properly.

If you skip any item there won't be any issue but you can claim it's sale later on.

Thank you

In balance sheet as per practice, only business assets and liabilities are shown. You can choose to get a separate net worth statement of personal assets & liabilities to keep stock.

Hi,

- Show only business assets and liabilities in the balance sheet. 

Thanks

Hi,

You just need need to show only business assets and business liabilities in balance sheet.

Further, you are not required to show personal assets (gold jewellery etc) & liabilities in balance sheet.

Hi

You need to show only the business balance sheet in the ITR. Personal assets shall not be shown.

All the business assets must be shown in the balance sheet. If there has been no record for costs and depreciation, valuation of the assets shall have to be done on an estimation basis.

I would recommend that you hire a CA for this.

Hi

You only need to disclose business assets and liabilities in balance sheet.

Get in touch with CA in person for better presentation..

Hope it helps