What should be included in balance sheet of individual?

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I want to correct you @ mohamaddanish that person is earning professional income and 44ad is for business not for professionals.

For contact  employee  you can opt  44 ADA  , please  confirm .

we can but this case is for ay14-15 in that ay we don't have option for presumptive taxation

The original question is about preparing balance sheet for fy 2013-14

The opening capital as on 1/4/13 should be as follows:

Add

1. balance of all bank accounts as on 31/3/13

2. cash balance as on 31/3/13(assumed)

3. investments (FDs, RD, Mutual funds, securities etc) as on 31/3/13

4. loans and advances (asset) given as on 31/3/13

5. fixed assets as on 31/3/13(depreciated value)

6. Any other asset as on 31/313

Less

7. secured/ unsecured loans balance as on 31/3/13

8.any other liabilities as on 31/3/13

The above amount should be taken as opening capital balance in tally.

All the above values from 1 to 8 above should be taken as opening balances of the respective assets or liabilities in tally.

The transactions for the year FY 2013-14 (1/4/13 to 31/3/14) should be accounted in tally. After that we will arrive at the balance sheet as on 31/3/14

 

 

Thanksa a lot.


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