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balance sheet

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DGM
23 Points Posted on 07 March 2019
can a proprietor maintain two balance sheet audited for the same financial year. if yes/no, please provide relevant rules and section. one person filed two balance sheet for two different tender at different interval and the same is in our knowledge.
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On 07 March 2019 at 04:12 Report
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Team Lead
7558 Points Posted on 07 March 2019
no he can't .only 1B'S required to be prepared.
however for loan purpose if any interim BS required to be prepared then he can do.
Also companies are required to prepare quarterly financial statement so they will prepare 4 BS in a year
30 Reply
On 07 March 2019 at 06:56
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-
252 Points Posted on 07 March 2019
you have to prepare two balance sheets one for business (here you have to show only assets and liabilities in respect of business) and the 2nd b/s for the individual which includes everything like his personal assets such jewelry self occupied residence etc. correct me if I am wrong
14 Reply
On 07 March 2019 at 07:08
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Student
7053 Points Posted on 07 March 2019
@ Sakshi
But as per accounting concept individual and business are not separate entity, they are same so how can i prepare separate for each one..
184 Reply
On 07 March 2019 at 07:10
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DGM
23 Points Posted on 07 March 2019
I agree he can not maintain two banane sheet for same financial year. there is no separate legal entity for proprietor. what is the penalty and other prosecution charges, if any.
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On 07 March 2019 at 08:15
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9873059766 Increasing knowledge through
296 Points Posted on 07 March 2019

@ sakshi agree with you technically we called it as statement of Affairs, but in the given query it is about the business only. 

So it's not possible to make two Audited balance sheet for a year in case of proprietorship. other cases it is possible.

 

 

 

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On 07 March 2019 at 17:15
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Student
7053 Points Posted on 09 March 2019
how can someone prepare two balance sheet for audit ?
184 Reply
On 09 March 2019 at 01:08
Guest
if any proprietor has business then s/he can prepare p/l on the basis of business and the profit and loss can be adjusted with B/s ... but S/he cant make two balance sheet for audit
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On 09 March 2019 at 09:51


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