Accounting of proprietary business

Rashi Bajaj (CA) (752 Points)

05 July 2015  

Dear friends,

One of my friends has just started a proprietary business in the FY 2014-15. Before that he was a salaried person and maintained personal accounts.

I want to know that for the purpose of ITR4, should he maintain separate set of accounts and Balance sheet or should he consolidate both? 

Plz note that there will be common bank accounts, joint accounts and personal investments as well. 

Thanks in advance.