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
CA PARAS BAFNA
(Expert)
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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