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Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2012 Dear Sir,
One of the assessee is engaged in trading business and on the other hand he is a LIC agent. Now please advise me, should I prepare a consolidated trading a/c for both activity or make separate trading a/c for each activity.

Please clarify urgent.
Thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)
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31 August 2012 make separate Profit & loss a/cs, But balance sheet will be ONE. This reduces lot of confusions.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2012 Please make me enlighten on one more thing.
In itr4 part BS. proprieter capital - which amount to fill between the following -

op. balance 25000/-
add - net profit 2000/-
total - 27000/-

Please clarify.

Amol S Joglekar

Amol S Joglekar (Expert)
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31 August 2012 in case of proprietor...... closing amount is to be filled else it will show a mismatch between the 2 sides of balance sheet.(In your case it seems to be 27000)

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2012 I want to ask one more thing -
Suppose net profit of the partnership firm U/s 44AD is coming to Rs. 156000/- and salary of partner is Rs. 150000/-
Now refer to schedule BP of itr 5.
I put Rs. 156000/- in 1 column of the schedule as profit before tax. Now it is right to write Rs. 150000/- of salary in column No. 30 - (any othe amount allowable as deduction)
or I should put directly Rs. 6000/- in the 1st column of that schadule BP.

Amol S Joglekar

Amol S Joglekar (Expert)
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31 August 2012 Please ask the same in terms of cell addresses for better visualisation. like H4, H5 and so on. (We are referring to green cells ONLY... right?)

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