Preparation for Balance sheet for filing FNO returns?
13 June 2021 I have four bank accounts. Only one is associated with the broker. I transfer money in and out from this account for FnO trading. So will my balance sheet reflect the cash position of this account only? Or does it have to show cash in hand for all other accounts that are not related to trading? Similarly will my current assets be only positions and money related to FnO trading in this account and with broker? Or will it be all my investments in FDs, stocks, mutual funds, bonds etc? The reason being only FnO trading is considered as business income, not bonds, FDs etc. So can I separate the FnO trading part from all other personal incomes and file them under interest income, dividend income, capital gains etc?
14 June 2021 1. You can make a Balance sheet with only one bank account pertaining to your business along with only the relevant assets and liabilities viz broker balance, cash in hand etc. 2. you need not include investments etc the income of which shall be included in capital gin or ifos.