Two p & l a/c's & one balance sheet?
This query is : Resolved
28 February 2017
Assessee has income from 2 different businesses..
One is from Restaurant Business..
Second is Commission from Transporters..
He incurs expenses in both of the cases above..
Can he prepare two different Profit & Loss A/c's (one for each business) and
One single consolidated and merged balance sheet (for both the businesses as well as personal assets)??
One is from Restaurant Business..
Second is Commission from Transporters..
He incurs expenses in both of the cases above..
Can he prepare two different Profit & Loss A/c's (one for each business) and
One single consolidated and merged balance sheet (for both the businesses as well as personal assets)??
28 February 2017
Is books are maintained under the same name (company, firm proprietorship etc) then no need to separate the P&L and Balance sheet.
28 February 2017
Yes, you can prepare 2 p& L, but in ITR 4 to be consolidate Exps and upload.
01 March 2017
Sir..
But there are some assets which are used for BOTH the businesses above,
like Motor Car, Laptop etc..
Depreciation of the same to be taken in combined P& L A/C or
how to bifurcate the depreciation between the two seperate P & L A/C's??
But there are some assets which are used for BOTH the businesses above,
like Motor Car, Laptop etc..
Depreciation of the same to be taken in combined P& L A/C or
how to bifurcate the depreciation between the two seperate P & L A/C's??
01 March 2017
Balance sheet you cannot prepare 2 , only P& L yo can prepare 2 to know individual Business Profitability , You can consolidate P&L and consider depreciation , For ITR -4 you have to upload consolidates statement considering all business income .
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