Capital account & balance sheet of a proprietor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 July 2014
Should the Balance sheet reflect the personal assets of a proprietor?
How the investments in PPF,NSC etc will appear in the Balance sheet?
Is there any format for preparing a capital account? Which items should be credited & debited to the Capital account so that it should reflect a true & fair view?
Should the Balance sheet reflect the personal assets of a proprietor?
How the investments in PPF,NSC etc will appear in the Balance sheet?
Is there any format for preparing a capital account? Which items should be credited & debited to the Capital account so that it should reflect a true & fair view?
Nischit Sanghavi
(Expert)
22 July 2014
Balance sheet of individual always carry Personal assets.
Investment made upto date in PPF and NSC will show in Balance sheet under the head of Investment.
Capital Account
Particulars Dr. particulars Cr.
To Drawings By Opening
To LIC Premium
To Society Maintenance
To Telephone Expenses
To Electricity Charges
To Bank Charges
To Household Expenses
To Balance c/f….
You may show other expense and income also.
Investment made upto date in PPF and NSC will show in Balance sheet under the head of Investment.
Capital Account
Particulars Dr. particulars Cr.
To Drawings By Opening
To LIC Premium
To Society Maintenance
To Telephone Expenses
To Electricity Charges
To Bank Charges
To Household Expenses
To Balance c/f….
You may show other expense and income also.
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