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
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