banner_ad

ADVICE ME

Tax queries 1685 views 6 replies

One of my friend has started a business last month. But has not maintained the books of accounts. He has purchased new Furniture for office use. He brought his personal computer and bike into his business. Now I want to prepare a Balance Sheet and Profit to file his IT Return. Please give me some idea. 

Nature of Business : Advertising Business

Replies (6)

hEY since your friend has started the business recently, i am assuming that he has not made many transactions,if that is the case then from whatever transactions you are aware of, you can simply pass entries e.g he bought furniture for business then on the basis of the bills you can enter the transaction in the books.Once you are done with the entries then comes TB AND follows P&L and B/s. 

capitalise his own brought out items in business, with a proper valuation 

capitalize the furnitures etc from his business cash flow

make T/B then claim depriciation on all fixed assets , if profit available for adjustment then do it, or carry forward for next year. 

Hi Dear

Please get idea from nearest dealer asap

consult your senior who is in CA final...

Its very easy.. matter of minutes...

I have filed d my income tax return In A.Y. 2014-15-16-17 for Rs.in lakh 1.32+2.02+2.12 please advise me how much cash i can deposit in my account without tax. 

@ yashpal 

return filed does not means "cash in hand"

make a cash flow statement 1st 

though there are cap of 2.5 Lakh per PAN, any amoount exeeding the cap limit, it will be subjct to verification with sorce of money 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details