Two business-balance sheet

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If you've started a new business alongside an existing one, you generally need to prepare a separate balance sheet for each, even if they are both sole proprietorships. While you might prepare two profit and loss statements, a single balance sheet is typically not sufficient for multiple businesses. This ensures accurate financial reporting and tax compliance.

Suresh Tambe

Suresh Tambe (Querist)
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12 June 2020 I have already one business and I started one another new business from f.y. 2019-20 then in balance sheet it included or make another new separate balance sheet for new business?

Gokul Sharma

Gokul Sharma (Expert)
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12 June 2020 STATUS OF YOUR BUSINESS.
PROPRIETORSHIP TAX AUDIT THEN INCLUDE BOTH IN ONE.

Suresh Tambe

Suresh Tambe (Querist)
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12 June 2020 no audit. - can make two p&l and only one balance sheet for two business for ITR

Spurto Consultancy Services

Spurto Consultancy Services (Expert)
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12 June 2020 Whatever be the form of business, separate balance sheet have to be prepared.
If its a proprietorship firm then also separate balance sheet will be prepared and profit will be taxable in your hands.

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