how to find capital?
This query is : Resolved
20 October 2008
hello friendz
my quest.is we r going to file a return of an individual (general commision agent)
earlier he was getting exemption of non maintainence of books of accounts as his income didnt exceed rs120000
but now his income has exceeded the limit
so he has to maintain some books of accounts
now my quest.is as he is making his balance sheet first time how to find out his opening capital ie.as on 01.04.2007
bcoz he is general commision agent it is not like that when he started his business etc.and there is also no assets
last year bank balance is there only
plz help urgent
thankx
my quest.is we r going to file a return of an individual (general commision agent)
earlier he was getting exemption of non maintainence of books of accounts as his income didnt exceed rs120000
but now his income has exceeded the limit
so he has to maintain some books of accounts
now my quest.is as he is making his balance sheet first time how to find out his opening capital ie.as on 01.04.2007
bcoz he is general commision agent it is not like that when he started his business etc.and there is also no assets
last year bank balance is there only
plz help urgent
thankx
21 October 2008
If there are no assets except the bank balance the capital is equal to the bank balance minus liabilities if any.
21 October 2008
Capital is equal to bank Balance , assests acquired out of income earned and reflected in the Income tax return filed,minus loan liability, current liabilities, if any
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Rental income gst and it purpose
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
