Balance Sheet and P&L statement
I am salaried individual who deal in Options trading. Turnover is below 50lac and losses of 1lac Pls let me know how to prepare BS and P&L statement.
Where to include turnover in BS? How to calculate TO in Options as sale price+premium is turnover. What needs to be mentioned in asset?
Asset mention your bank balance and investment.
Capital enter bank balance when you enter bank balance under assets side.
I am now in UK.
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No need for tally in p and l.
The loss entered will be filed in ITR income schedule.
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