sr. manager
26 Points
Joined June 2011
Any individual can have the income/expenditure account irrespective of fact i.e. salaried or businessman or professional. From the income/expendure account, the excess of income over expenditure will transfer to capital account and then to balance sheet of individual. The balance sheet will contain the details of all assets and liabilities which should include cash, bank balances, gold and other jewellery, all type of investments and othe liability side all type of liability will be shown.