09-24-2010, 06:02 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by tas</i>
<br />Could someone plz tell me that if i had a property that i sold it to some one, where will that money be added in wealth form; either in cash or at capital.
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Dear,
The said Property will not be shown in current year's wealth, and the same disclosure will also be required to be provided at wealth reconciliation statement(if you are individual concern), that property has been sold out.
However, If you are an AOP/individual(sole proprietorship concern), procedure will be same as above and nevertheless, it would effect your capital since capital(property) has been converted into cash, now cash will be treated as company's property.
Best Regards,
Faisal.
<br />Could someone plz tell me that if i had a property that i sold it to some one, where will that money be added in wealth form; either in cash or at capital.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear,
The said Property will not be shown in current year's wealth, and the same disclosure will also be required to be provided at wealth reconciliation statement(if you are individual concern), that property has been sold out.
However, If you are an AOP/individual(sole proprietorship concern), procedure will be same as above and nevertheless, it would effect your capital since capital(property) has been converted into cash, now cash will be treated as company's property.
Best Regards,
Faisal.