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Agriculture income of individual
an individual who has partly agriculture income (55%) and partly other income (45%) and other income includes other sources and business income then how to present agriculture income in his financial statement? Is it right to credit in P & L account or it should be credited to Capital. (the individual does not do any specific business every year)
Replies (2)
DEAR,
It would be better to show as credit in capital account. Trading and P/l Account will show actual profit from business.
Even when it is credited to P&l it can be subtracted in the memo of income as income not to be included in total income
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