In case where proprietor has a business and regular books of accounts case,
Where do I enter profit from speculative business in PL sheet.
Because in BP you have to enter speculative profit included in above profit.
There is no option to enter speculative profit directly there.
So where should i enter spec profit in P and L sheet.
Please help
You can enter Speculation profit in Other income column of P & L
Then u can show deduction from Profit from buss as Income considered under the other heads of income computation of Income. (1st of all Buss income should be inclusive of spec income)
I think it wud work and ur form will be validated....
Regards
This is one way or can I enter the proprietor p l as it is, and enter this speculative profit in no account case, because you can fill both account case and no account case simultaneously??
Somebody else Please reply
CAclubindia
