Balance Sheet & Profit and Loss of Proprietorship Business
This query is : Resolved
01 October 2020
Dear All,
kindly give advice that Interest received on Saving A/c, FD, RD of Proprietor can be shown in Propriety business P& L a/c or capital a/c. Also advice that personal saving or investment is compulsory to show in Business Balance sheet or not.
kindly give advice that Interest received on Saving A/c, FD, RD of Proprietor can be shown in Propriety business P& L a/c or capital a/c. Also advice that personal saving or investment is compulsory to show in Business Balance sheet or not.
02 October 2020
While preparing books of accounts, it is advisable to show those interests in capital account as the same is taxable under the head income from other sources. However, if you had shown the same in the profit and loss account then while filing income tax return, the same can be shown as deduction to profit as income shown under other heads.
It is advisable to show personal assets in your balance sheet as in case of proprietor, there is no difference between proprietor and business but still in case of personal assets like House, Personal land there is no need to show those. It is advisable to show the assets through which you earn income.
It is advisable to show personal assets in your balance sheet as in case of proprietor, there is no difference between proprietor and business but still in case of personal assets like House, Personal land there is no need to show those. It is advisable to show the assets through which you earn income.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
