Proprietor balance sheet

1. Personal assests which are using in business also for business puprpose can be shown in balance sheet of the business.

2. ITR-4 for those who carries business and income of business... where ITR-4S is for those who calculate their income on presumptive basis.

3. no personal assets in business allow. he can use building of his business place as asset..!
hope it will help u

you have to prepare two balance sheets one for business (here you have to show only assets and liabilities in respect of business) and the 2nd b/s for the individual which includes everything like his personal assets such jewelry self occupied residence etc. correct me if I am wrong

1. It is the different the personal balance sheet and the business balance sheet.

2. Home and the car shall be shown in business balance sheet only if practically being used in the business purpose apart from personal purpose then take % vise cost of car or depreciation.

3. start from today,, balance available in cash and bank account shall be take in to account with capital account.

4. make entry from 1/4/2017 in the account with available bill for account of sales and purchase, also claim expenses,

5 if you claim expenses for period of 1/4/2017 to 12/05/2017 then cash paid shall be treated first capital and after take in to account payment. i am sure you know the basic axxounting principle ans its application.

But as per accounting concept individual and business are not separate entity, they are same so how can i prepare separate for each one

but for the purpose of income tax act you are required to prepare two balance sheets

how to prepare consolidated balance sheet of two business of single proprietor whether two tax audit report is to be prepared for both the business??

What will be the treatment of owner's assets in the balance sheet?