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Shreya solanki (Student) 28 July 2021

Saving account journal entries

A proprietorship firm liable for tax audit having current account and also saving account for personal purpose, is it required to show saving account in balance sheet ? , and if it yes, then each transaction entries required to be pass ???

5 Replies

Ankita Jain (CA in practice) 28 July 2021

No, it is not required to show personal saving A/c in the balance sheet of the business.
If you still want to show, then you have to pass each transaction entry.

1 Like

Sourav (Student) 28 July 2021

Not required to show personal bank statement

1 Like

Ankit Neema 28 July 2021

If you are maintaining separate account for business and personal then no required, but maintaining single books then required

2 Like

Nidhi (Chief Accountant) 29 July 2021

Agree with Ankit ji

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) 30 July 2021

if savings account in the name of proprietorship business firm name, then it must be shown.

1 Like

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