Personal balance sheet or business balance sheet for loans?
This query is : Resolved
20 February 2017
Dear Sir/Madam,
An assessee has both salary income & business income. He also has personal assets like Gold, Investments etc which is UNRELATED to both his salary and business income..
He is planning to apply for a home loan..
Should he prepare a personal balance sheet showing gold investments etc?
or Should he prepare a business balance sheet?
or Should he merge both business & personal balance sheet?
Should Final Accounts be prepared in Firm's name or in the proprietor's name??
An assessee has both salary income & business income. He also has personal assets like Gold, Investments etc which is UNRELATED to both his salary and business income..
He is planning to apply for a home loan..
Should he prepare a personal balance sheet showing gold investments etc?
or Should he prepare a business balance sheet?
or Should he merge both business & personal balance sheet?
Should Final Accounts be prepared in Firm's name or in the proprietor's name??
20 February 2017
Should merge both personal and business balance sheet. Final accounts be prepared in proprietor's name.
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