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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)

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)

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)

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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