Income tax query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2013 Dear Experts,
Pl. guide me on following .

One of my friend having business in proprietorship. He just given me work for finalisation of his account work. Now the question is that how to start his account work in tally.

1) Should I open two company in tally. One in the name of business in which all entry relating to accounts of proprietorship business be done and another in the name of Proprietor in which his personal account details will be made.
2) or I should open only one company in tally in which i will made all the entry for his business as well as his personal account.
3) In income tax return which Balance sheet should be shown . As the return will be go for individual and income of proprietorship will be covered in that.

4) or should in income tax only details of proprietorship should be given and personal should not be given.

5) what will be the balance sheet my fried.

Pl. help me I am confused.
Thanks