Regarding final accounts

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This discussion clarifies how to prepare final accounts for a sole proprietor operating three businesses in the same area. While separate Profit & Loss (P&L) statements and Balance Sheets (BS) are needed for in-depth analysis and potentially for bank loan applications, a single aggregated statement is generally required for final tax return filing. The key is to understand the specific requirements of the entity you are submitting the accounts to.

suryadipsinh mori

suryadipsinh mori (Querist)
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05 October 2022 How to make final accounts of a proprietor who have 3 firms located in same area.. can i add all income and assets in one p&l ,b/s or have to ready 3 different p&l, b/s ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 October 2022 For in depth analysis you have to prepare separate statements, but for final return filing you have to aggregate all the figures in one or final P&L and BS....

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suryadipsinh mori

suryadipsinh mori (Querist)
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06 October 2022 Ok sir but for financial statements purpose, i have to ready 3 different final accounts for each buisness right?
If i need to give to bank for loan purposes.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 October 2022 Depends upon the bank's requirement. Generally single aggregate statement is required to be submitted.

suryadipsinh mori

suryadipsinh mori (Querist)
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06 October 2022 Ok sir thank you for answer

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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06 October 2022 You are welcome ..

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