Balance Sheet Finalisation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 April 2010
What are the points of consideration in BAlance Sheet Finalisation of Individaul, Propreitorship Business and PArtnership Business.
What ratios are to checked and what are ideal ratios.
Kindly give explaination with significance of ratios.
What ratios are to checked and what are ideal ratios.
Kindly give explaination with significance of ratios.
10 April 2010
1) Ensure all the incomes and expenses are booked
2) Ensure provisions are made for income receivable and expenses payable for the period of the financial year
3) Provide depreciation on fixed assets
4) Closing stock valuation
5) In case of partnership firm there is a limit for interest to partners, remuneration to partners.
6) Check the GP ratio whether matching with the previous year, if there much variation, it should be justified. Netprofit ratio may change depending upon the administrative expenses. But there should be a proper justification if there variation in GP ratio.
1) Ensure all the incomes and expenses are booked
2) Ensure provisions are made for income receivable and expenses payable for the period of the financial year
3) Provide depreciation on fixed assets
4) Closing stock valuation
5) In case of partnership firm there is a limit for interest to partners, remuneration to partners.
6) Check the GP ratio whether matching with the previous year, if there much variation, it should be justified. Netprofit ratio may change depending upon the administrative expenses. But there should be a proper justification if there variation in GP ratio.
10 April 2010
AGREE
10 April 2010
Good detail explained by Mr.Palani
10 April 2010
Agree with Experts.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- LIABILITY ADJUSTMENT
- IT returns for fresh job holders
- Housing Society-ITR5
- NRI INSURANCE ADVISOR
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
