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Audit as a whole
if a share trader wants to audit his accounts and he is doing teaching bussiness along with share and future trading.teaching bussiness is done all in cash having no records available.so in audit report whether combined balance sheet and p& l to be reported or only share trading and f& o to be shown as teaching bussiness records is not available.
Replies (3)
Combined Income and expenses have to be reported and the auditor will audit all the businesses carried out by the taxpayer.
But as per the info trader doesn't have records of teaching bussiness as all the business receipts and expenses are done in cash.
Try to find out details of payment received by him from PAYEE(they might have record, like External confirmation )
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