Proprietorship business

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janani (Querist)
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09 June 2017 Sir, one person running a proprietorship business.He maintained one current account in the proprietorship business name and savings account. He received income from business in both the account. At the time of preparing balance sheet of that business whether I include the savings account balance in bank account or not.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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09 June 2017 You have to include it in your books.

janani

janani (Querist)
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11 June 2017 But my colleagues told like that we should not include the saving bank balance because the ownership and management is different. At the same time we are not reporting the total personal assets hold by that person like land etc..I got confusion. Kindly explain me briefly

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