Help on preparing return

This query is : Resolved

Saumya (Querist)
Follow

19 January 2012 Hello Sir/mem,
I was preparing my own return. I have a query. This will be my first return.
I am showing approx amount of 75000 as opening capital on part of misc receipts over the years.
Furthur, Profit of 170000 for the year. cumulatively making my capital approx 250000.
On Right Hand Side of B/S, I am showing Debtors of Rs. 50000.
My query is How to adjust remaining 200000 Rupee. Showing Cash of this volume will definately put return under scrutiny in my opinion.
Please Help.
Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

19 January 2012 Show some drawings. What about your bank balance and assets?

Message likes : 1 times

Saumya

Saumya (Querist)
Follow

19 January 2012 Sir, I dont have bank account in my name at present. Closed down the one i had sometime back. Being a student, I dont have any asset in my name.

Rough Computation be:
Salary : 30000
PGBP(tution) :145790
Interest : 6219
Gross Turnover :182678
Expenses : 1939
NET INCOME : 180739

Balance Sheet:
Liability Side

Capital ac
op + N.profit : 67389+180739=248128

ASSET SIDE
Sundry Debtors : 42312

BALANCE TO BE ADJUSTED NOW. 205816.
How to adjust it. Showing it as cash will draw eyes !!!
Capit

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

19 January 2012 Why do you want to prepare a Balance Sheet? It is not required for filing the return because your business income is very less.

Just fill in the income details.

Even if you want to prepare a Balance Sheet, show some drawings. Show computer/laptop, vehicle(Scooty/Activa), mobile, computer software, etc as assets. and show small amount of cash.

Message likes : 1 times

Saumya

Saumya (Querist)
Follow

19 January 2012 I know I just need to prepare my SoA. But I am preparing for future reference. Thank You very much sir

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

19 January 2012 YOU ARE SHOWING INTEREST.
HAVE YOU RECEIVED BACK THE LOANS OR DEPOSITS MADE BY YOU?
.
START WITH SMALLER OPENING BALANCE AND SHOW DRAWINGS ALSO.
.

Message likes : 1 times