Menu
Investment and capital
in sole proprietor ...fixed deposit is shown under investment then any surplus that one received will come under "capital account or profit and loss income"....????
what will be scenario the if we show fixed deposit under capital account...>>>
Replies (4)
Then payment toward FD will be treated as drawing n interest on FD will be treated as capital introduced
Then payment toward FD will be treated as drawing n interest on FD will be treated as capital introduced
Then payment toward FD will be treated as drawing n interest on FD will be treated as capital introduced
In sole proprietoship concern, when you show FDs under investment then surplus arising therefrom goes to P&L account. However, if we show it under capital account then payment towards FD will be drawings and any interest or lump sum payments received will also be added to the capital account if the transactions take place through bank account appearing in the books .
Recent Topics :
- Capital Gain on sale of Depreciated Factory Gala
- Interesting Observation from a Recent Income Tax S
- ITR 3 Utility Not Taking Marginal Relief on Net To
- MV Electrosystems IPO Allotment Date, Status Check
- TDS payment code query
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
Related Topics :
CAclubindia
