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Saving account journal entries

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CA
57 Points Posted on 28 July 2021
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 ???
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On 28 July 2021 at 13:28 Report
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CA in practice
185 Points Posted on 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 Reply
On 28 July 2021 at 14:50
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Chartered Accountant
24588 Points Posted on 28 July 2021
Not required to show personal bank statement
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On 28 July 2021 at 19:32
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2742 Points Posted on 28 July 2021
If you are maintaining separate account for business and personal then no required, but maintaining single books then required
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On 28 July 2021 at 21:01
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Chief Accountant
3150 Points Posted on 29 July 2021
Agree with Ankit ji
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On 29 July 2021 at 19:57
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Master in Accounts & high court Advocate
9615 Points Posted on 30 July 2021

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

1 Reply
On 30 July 2021 at 12:08


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