18 July 2019
There is Small Tailoring Business and there is no current account of the firm. Turnover is 12,50,500. now The Proprietor Do all the transaction by his saving account.they made all the expenses and all his income earned from his account. so can he show his saving account closing balance under asset Side of his business balance sheet??
18 July 2019
and can he saw his all investment like purchase of house and shop and jewellery as investment in balance sheet.. because some said that you have to make two balance sheet 1 for business and second for personal..can i make 1 balance sheet?
18 July 2019
yes you can , as balance sheet shows assets and liabilities of a person on specific date i.e. year end . And for internal purpose you can always bifurcate business and personal BS
CAclubindia
