Query on accounts finalisation

This query is : Resolved

Guest

Guest (Querist)

25 July 2012 Dear Friends / Experts,

I have a query in finalising the accounts for Individual (I am just assisting my friend for filing his income tax return as he is a small tax payer).

Balance Sheet is not tallying (i.e. Liabilities is not tallying with Assets
and has a difference of say Rs.21500/-).

Query

The assessee is not in a position to recollect the details for such difference.

How can the accounts be finalised in such a situation or is there any way to resolve this ?

Ans.......

Kindly advise on the above query.

Thanks.

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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26 July 2012 For meeting the deadline of 31st July he can file the return with whatever income details he has and carry the difference in assets liabilities in suspense account. Later when he has complete details he can revise the return.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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04 August 2012 First Prepare the cash flow, check all tghe entries in the bank account. Without proper details how someone can tell you how to tally a Balance Sheet

Just from the income you can file the return

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