HELLO FRIENDS, CAN ANYBODY TELL ME WHETHER SAVINGS A/C OF THE PROPRIETOR AND OTHER PERSONAL ASSETS SUCH AS JEWLLERY, FDR CAN SHOW IN THE BOOKS OF THE FIRM.
IF YES WHAT SHOULD BE THE ENTRY.
ASSET A/C- DR
TO CAPITAL A/C
IS IT COMPULSORY TO SHOW PRIVATE ASSETS IN THE BUSINESS.
IF I DONT SHOW YHE SAVINGS A/C IN THE BUSINEES. WHAT ARE ITS CONSEQUENCES.
PLS. EXPLAIN ME CLEARLY.
THANKS.
Mostly Individuals prefer to make two separate balance sheets ie. Personal balance Sheet and Business balance Sheet. And while submitting to the IT Dept. it is advisable to file only the Business Balance Sheet.
Regards,
Devendra K
MANUJ SHARMA AND COMPANY
Noida
CA Inter
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RMA And Associates LLP
New Delhi
CA Inter
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CCI
Pro
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