ONE OR MORE FIRM FINANCIAL ACCOUNTS
This query is : Resolved
09 May 2023
One person is owned 3 shops (proprietor) and He Appointed sales person for 2 shops and give salary to 2 persons, then for ITR (Loan Purpose) How Should i prepare financial accounts ?
1. Should i prepare profit and loss, balance sheet separately for 3 shops and give 3 shops combined net profit value in itr 4
OR
2. Should i prepare single profit and loss, balance sheet for 3 shops ?
Kindly Answer
1. Should i prepare profit and loss, balance sheet separately for 3 shops and give 3 shops combined net profit value in itr 4
OR
2. Should i prepare single profit and loss, balance sheet for 3 shops ?
Kindly Answer
09 May 2023
You can prepare combined statements if all the 3 shops are used for the proprietorship business.
09 May 2023
If separate books of amount are maintained for each shop, then better to prepare separate p&L and B/S for each shop and then prepare a consolidated P&L and B/s. The consolidated P&L ad B/s to be used for preparation of return of income.
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