Balance sheet
This query is : Resolved
25 September 2011
Sir, a person A prop of ABC starts a new business XYZ and takes a od limit from bank in the name of ABC but uses the money in XYZ. Now how can I prepare the balance sheet and file the return. The business of XYZ is dairy farming income.
25 September 2011
Dear Harjeet
Your question is not clear. For whom you have to file the return ?
Clarify.
Regards
Your question is not clear. For whom you have to file the return ?
Clarify.
Regards
26 September 2011
Dear, A is the prop of both the firms. I have to file the return of A. ABC is having tax audit.
27 September 2011
Books of ABC
Loan from bank is unsecured loan shown on the liabilities side.
Show the amount used for XYS as Loan to XYZ. Will be shown under loans and advances on the asset side.
Books of XYZ
Loan from ABC will be shown under unsecured loan.
Hope your query is resolved.
Loan from bank is unsecured loan shown on the liabilities side.
Show the amount used for XYS as Loan to XYZ. Will be shown under loans and advances on the asset side.
Books of XYZ
Loan from ABC will be shown under unsecured loan.
Hope your query is resolved.
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