Audit of loss making proprietorship & partnership firm
This query is : Resolved
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.
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.
09 September 2013
pls mention the gross turnover or gross receipts for current year for proper advise.
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