No. of trading accounts in financial statements
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2016
my query is about multiple trading accounts prepared while preparing financial statements.
E.g: suppose an individual have three business viz: retail kirana store , motor garage & wholesale ready made garments , Should he prepare 3 trading accounts and one profit & Loss account ?
or
he should prepare single trading account ?
Is there any rule / law / standard / GAAP on above mention situation? please help!
E.g: suppose an individual have three business viz: retail kirana store , motor garage & wholesale ready made garments , Should he prepare 3 trading accounts and one profit & Loss account ?
or
he should prepare single trading account ?
Is there any rule / law / standard / GAAP on above mention situation? please help!
16 April 2016
Prepare 3 trading ac and one profit & Loss account so as to know how much profit is earned in each business. For individual no rule is applicable accounts can be prepared to his convenience,
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