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For a proprietor having 2 business - books of accounts

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(Querist)
01 March 2018 Dear All,
A proprietor having 2 businesses. But the accounts are maintained only for business and does not include personal commission business. Is it proper? Does he need to have combined balancesheet for both the businesses or he needs to maintain 2 searate balancesheets?
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RAJA P M

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RAJA P M (Expert)
01 March 2018 Yeah.... If he run Two business with different names then Yes he can follow separate Accounts and BS and PandL... In case he is run One business and the Commission income earned without any firm then he can add it in his one of the Business Account...
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
01 March 2018 You can have separate Financial to have control of Each business, But while file tax return assessee has to combine all business income, Balance Sheet should also combined for all Individual business done by proprietor.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
01 March 2018 You can have separate Financial to have control of Each business, But while file tax return assessee has to combine all business income, Balance Sheet should also combined for all Individual business done by proprietor.
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