Hello!
How to adjust large amount of Cash In Hand while finalizing Balance sheet?
What might be the consequences if declared "as it is" in Balance Sheet?
Pls help me out
Thanks
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Large cash in Hand
Replies (12)
How much amount it is
When I learned Cashflows statement, the cash and equivalents do hold cash in hand. A cash flow statement is prepared from income and balance sheet statement. There will be no consequences if you declare it in the balance sheet as per my opinion
You should adjust in drawings deducted from capital or certain increase in debtors or decrease in creditors, but what is the amount?
It's 66 Lakhs...all withdrawn from bank accounts declared in earlier year returns
What is the Exact amount of cash in hand?
All 66 lakh still have in the hand of the assessee till now or expenses including
if you show this much amount in balance sheet
then you should have evidence to prove it is all white n genienu no offense just tell you practical things as it will liable for notice
if you show this much amount in balance sheet
then you should have evidence to prove it is all white n genienu no offense just tell you practical things as it will liable for notice
“You are not required to disclose your personal assets in the ITR-4. Only assets held for business purpose are required to be shown in the ITR-4. You can show Nil (Zero) value in respect of Sundry Creditors, Inventories, Sundry Debtors, Cash in hand etc. There will be no error on validation and you can file your return.”
You have info in 5is link, hope it helps you: https://www.taxfull.com/12457/providing-financial-particulars-in-itr-4-sugam
Are you making balance sheet for audit
and in what names you shows it in next year
and in what names you shows it in next year
He's a non audit assessee and files his ITR 3 regularly. He basically earns his income from commission on loans arranged from private financier and also gives loans
Then if it is not reported in 26as no need to show other wise notice will be there
show upto little more than previous year cash in hand after all adjustment of current year and others as nil
show upto little more than previous year cash in hand after all adjustment of current year and others as nil
You need to ask your consultant for any help. Such questions are not to be discussed in open forum.
Pay expenses in cash
show drawing to proprietor and partner
show drawing to proprietor and partner
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