Finalisation of accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2013
What is differences in the finalization of accounts of a FIRM. A PVT. LTD., and a Proprietor Concern. Can anybody pls. explain.
Guest
Guest
(Expert)
29 May 2013
The audit is carried out in the normal way. The difference lies in the scope and the rules and laws applicable to them.
For ex. Remuneration and interest on loan is allowable to a Firm but not in case of a sole proprietor.
In the same way, related party transactions disclosures are applicable to the companies and not the firm or individuals.
For ex. Remuneration and interest on loan is allowable to a Firm but not in case of a sole proprietor.
In the same way, related party transactions disclosures are applicable to the companies and not the firm or individuals.
14 July 2013
There is no difference any finalisation of accounts of any of the types of organisations as mentioned by you. The difference is in the statutory requirements.
If it is a public company your accountability increases in case of firm it is limited to partners and Income Tax Department and in case of proprietorship firm it is in the same manner restricted to proprietor and IT Deptt.
If it is a public company your accountability increases in case of firm it is limited to partners and Income Tax Department and in case of proprietorship firm it is in the same manner restricted to proprietor and IT Deptt.
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14 July 2013
Proceudure is almost same except for the closing entires depending on the type of entity.
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