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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

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

Sourav (Student)     28 July 2021

Not required to show personal bank statement
1 Like
Ankit Neema

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

Nidhi (Chief Accountant)     29 July 2021

Agree with Ankit ji
Rama chary Rachakonda

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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