General ledger or balancesheet !!
This query is : Resolved
23 June 2013
Hi,
I am an arbitrager by profession on a commsission basis. I want to file my returns by myself,I know the procedure and everything. Just have one doubt, is it okay if I just maintain a "GENERAL LEDGER" or do I also need to maintain "Balance sheet" & "PnL sheet", just incase if there is any query from the IT DEPARTMENT, will a General ledger be sufficient?
Thanks,
Harshit Patel
I am an arbitrager by profession on a commsission basis. I want to file my returns by myself,I know the procedure and everything. Just have one doubt, is it okay if I just maintain a "GENERAL LEDGER" or do I also need to maintain "Balance sheet" & "PnL sheet", just incase if there is any query from the IT DEPARTMENT, will a General ledger be sufficient?
Thanks,
Harshit Patel
23 June 2013
For maintaining the General Ledger of the next year, you will be requiring an opening Balance Sheet. It means -you have to prepare
the Balance Sheet for the earlier year
.
And.. you know that ..for preparing a Balance Sheet you will require to add Net Profit in Capital Account. For getting the net profit figure, you have to prepare P&L A/c.
.
So, do not leave a small work pending. It will make your whole exercise futile.
.
So, prepare BS and P&L also.
.
the Balance Sheet for the earlier year
.
And.. you know that ..for preparing a Balance Sheet you will require to add Net Profit in Capital Account. For getting the net profit figure, you have to prepare P&L A/c.
.
So, do not leave a small work pending. It will make your whole exercise futile.
.
So, prepare BS and P&L also.
.
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