Personal Balance Sheet

it is not mandatory to prepare a personal balace sheet,but it helps a lot for keeping track of ur activities

how does one prepare a balance sheet?

It is prepared int he same way we prepare for other entities. in addition to that we can prepare Income and Expenditure account for Indviduals.

Hi

Preparing personal balance sheet is not at all mandatory, as it is not required to be filed. BUT it is strongly recomended to prepare to keep on record and can be demanded by department also...

Further..

It is prepared on the same basis as we prepare it for other persons (entities). say for example somone is partner in a partnership firm, than his capital in the firm will be shown as investment in personal Balance sheet.

rgds

Pushkar

Pushkar has given full & complete answer