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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 ???
Replies (5)
Quick Summary
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.
If you still want to show, then you have to pass each transaction entry.
Not required to show personal bank statement
If you are maintaining separate account for business and personal then no required, but maintaining single books then required
Agree with Ankit ji
if savings account in the name of proprietorship business firm name, then it must be shown.
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