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balance sheet
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.
Replies (7)
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
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
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
@ 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..
But as per accounting concept individual and business are not separate entity, they are same so how can i prepare separate for each one..
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.
@ 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.
how can someone prepare two balance sheet for audit ?
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