Capital and balance sheet of salary person
This query is : Resolved
28 November 2021
SIR,
how the preparation procedure balance sheet and capital account of salary it person.
how the preparation procedure balance sheet and capital account of salary it person.
28 November 2021
For persons without business income, Capital account need not be separate. Otherwise there are no separate rules. There won't be P&L account, similarly no business assets in BS.
29 November 2021
Only Personal Assets, Liabilities and Capital will form part of Balance Sheet.
Capital Account will have Only Salary Income and Bank Interest On Credit Side and Drawings on Debit Side.
Capital Account will have Only Salary Income and Bank Interest On Credit Side and Drawings on Debit Side.
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