09 September 2013
PLEASE GUIDE ME ON THE FOLLOWING ISSUE: A PROPRIETORSHIP FIRM OR A PARTNERSHIP FIRM NOT HAVING TURNOVER ABOVE 1CRORE BUT IN CURRENT YEARS P/L ACCOUNT SHOWS LOSS OF RS. 4 LAKHS . BOTH FIRMS WERE COVERED UNDER AUDIT IN ACCOUNTING YEAR 2011-12. WHETHER AUDIT OF THE ACCOUNTS OF CURRENT YEAR IS COMPULSORY FOR THEM OR NOT.
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