Opening balance
This query is : Resolved
Quick Summary
Kollipara Sundaraiah
(Querist)
18 May 2020
Sir,
Assess small businesses person.
Sales turnover finicial year : 2018-2019 rs.69 lacs
Sales turnover finicial year:2019-2020.
Assess I.t. returns filed two years for the purposes of bank loan.
Question:
Assess How much amount capital account and cash on hand opening balance introduced as on 01.04.2018
Shown in balance sheet under I.t.act
Assess small businesses person.
Sales turnover finicial year : 2018-2019 rs.69 lacs
Sales turnover finicial year:2019-2020.
Assess I.t. returns filed two years for the purposes of bank loan.
Question:
Assess How much amount capital account and cash on hand opening balance introduced as on 01.04.2018
Shown in balance sheet under I.t.act
CA R SEETHARAMAN
(Expert)
19 May 2020
1 2 to 3 lacs capital and 18,000 cash may be shown.
23 May 2020
It has to be on actual basis and based on books of accounts maintained for previous year.
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