OD RENEWAL URGENT ESTIMATED BALANCE SHEET

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Sadik pm (Querist)
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12 April 2022 I am starting out as an accountant at a sole proprietorship firm. My firms OD renewal date has reached and the owner asked me to prepare estimated and projected balance sheet for the current year and next year.Can anyone help me understand what are the things that i need to consider before preparing the estimated and projected balance sheet and P&L. What are the things that i need to consider before submitting the details and whether the bank can hold these information against the firm and deny the OD.Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 April 2022 Compare 2020-21 and 2021-22 financial statements and project the same percentage increase and prepare projected financial statements.

Sadik pm

Sadik pm (Querist)
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12 April 2022 Sir i also have to prepare estimated balance sheet for 2021-22 as the financial year just ended.I have'nt been able to enter all details like all bank statements of our firm.So how do i present the estimated balance sheet with out complete data and all my purchase and sales has been added and the main bank account in this case the OD account has been completely entered.will this be enough to present to the bank.When i consider this estimate the profit are way high and i havent computed the assets values for current year depreciation and how do i proceed with this sir. Thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 April 2022 Based on actual sales figures and Bank balance and creditors and debtors balance prepare estimated balance sheet and p and l for 2021-22.
Project it with expected increase.

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