Balance sheet required for 2 addresses

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35 Points Posted on 16 May 2020

Sir,

I am proprietor of firm which is working in Delhi since 2014. Now I have registered separate GST with same PAN number in Mathura also. I have built a factory in Mathura also for manufacturing purpose. 

Do I need to make separate balance sheet for 2 firms?

I need to apply for loan in Mathura how can I make balance sheet of Mathura ( did sale material for 6 months).

Do I need to club the figures of Delhi and Mathura.

Please help

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On 16 May 2020 at 20:38 Report
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Quick Summary
A business owner with a Delhi firm and a new manufacturing unit in Mathura, both registered under the same PAN, is seeking advice on balance sheets. The core question is whether separate balance sheets are required for each location, especially when applying for a loan in Mathura. While some advice suggests separate financial statements might be needed according to Ind AS 1, others recommend a consolidated balance sheet for the proprietorship, with projected financials for the Mathura loan application. The consensus leans towards a single, consolidated balance sheet for the proprietorship, ensuring correct GST filings for both locations.

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My grammar is 💯 good I
7306 Points Posted on 17 May 2020

Everything is separate financial statements. It should be in accordance with Ind AS 1. I guess branch accounting will work out in separate statements. Just recognise loan in Madhura statements. Yes you have to club the figures. 

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On 17 May 2020 at 00:27
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Professional - CA firm
524 Points Posted on 17 May 2020
Hi sir,

there is no need to make separate balance sheets

as far as loan is considered please consider a consolidated amount.

also for availing subsidy since you are planning for manufacturing unit there won't be any requirement for two separate balance sheet just make sure you file your gst correctly and avail other benefits with due care

thanks
Mohit
8335093446
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On 17 May 2020 at 02:58
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Manger Accounts & Finance
363 Points Posted on 17 May 2020
No need to prepare sperate balance sheet. you can single balance sheet of Delhi & Mathura branch with consolidated figures
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On 17 May 2020 at 12:50
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Chartered accountant
290 Points Posted on 18 May 2020
In the case of proprietorship firm , only one financial Statement on consolidated basis is need to prepared and for taking loan for mathura , you need also projected financial statement , in case you require further assistance, you can write me at cakratanshugupta @ gmail.com
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On 18 May 2020 at 10:26

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