How to prepare a capital account for an individual for filing his income tax return?
naveen12345
(ca ipcc)
(28 Points)
Replied 03 December 2016
Show the capital contributed by him at the inception of business as opening liability in the books of the Individual. further if he deposits add to it and similarly deduct for drawings. After preparation of P & L transfer the profit arrived to his account ( capital account) .
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3293 Points)
Replied 05 December 2016
Add interest on capital and to the capital a/c and minum interest on drawings from the capital a/c
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