Bank accounts

This query is : Resolved

Ajay Mishra (Querist)
Follow

10 May 2012 SIR.
i am doctor running my small clinic.i am the sole proprietor of the clinic.i am maintaining clinic accounts personally in tally 5.4 .my queries are ;

1 i have mentioned three bank ac in current assets ,one is current ac (individual) and two others are savings ac(joint-2nd joint holder is my wife).can i make clinic transactions through these saving ac too as a proprietor?
2 if not,how can i exit saving accounts from tally and deposit self withdrawal capital in these ac for personal use ?

CA Sachin D Jain

CA Sachin D Jain (Expert)
Follow

10 May 2012 Dear Ajay,

Point-wise reply to your queries are as follows:
1. As a proprietor, you can do clinic transactions through your saving account also.
2. Generally, you should prepare two balance sheets, one for business and the other one for self. Business balance sheet will contain all assets and liabilities related to business only and the rest of the things will go to your personal balance sheet. Hence, it is suggested to do all your business transactions through your current account.

Message likes : 2 times

Ajay Mishra

Ajay Mishra (Querist)
Follow

11 May 2012 Thanks for satisfactory reply
Please clarify ;
If i will prepare two balance sheets, i have to submit two IT returns ?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

rajkumar yadav

K.S. ANANTHARAJAN

CA. Urmila Mahalwal

Ravikumar

prashant

Subscribe Now

Bank accounts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA