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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
Replies (5)
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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.
4 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
129 Reply
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
9 Reply
On 28 July 2021 at 21:01
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Chief Accountant
3150 Points Posted on 29 July 2021
Agree with Ankit ji
9 Reply
On 29 July 2021 at 19:57
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Master in Accounts & high court Advocate
9610 Points Posted on 30 July 2021

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

21 Reply
On 30 July 2021 at 12:08


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