Help on preparing return
This query is : Resolved
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
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
19 January 2012
Show some drawings. What about your bank balance and assets?
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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
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
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.
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 :
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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
(Expert)
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.
.
HAVE YOU RECEIVED BACK THE LOANS OR DEPOSITS MADE BY YOU?
.
START WITH SMALLER OPENING BALANCE AND SHOW DRAWINGS ALSO.
.
Message likes :
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25 January 2012
Where do you invest or expense your net income Rs. 180739. show it in balance sheet.
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