Multiple business by sole proprietor? How to account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2010
A Sole Proprietor having different business...
1.Supplier of Plastic (With VAT numbers) with current account as XXX Enterprices.
2.Freelancer of websites
Now when accounting, is he required to maintain different books for each business? (Example different companies in Tally) or as he is a sole proprietor, just one in his name?
1.Supplier of Plastic (With VAT numbers) with current account as XXX Enterprices.
2.Freelancer of websites
Now when accounting, is he required to maintain different books for each business? (Example different companies in Tally) or as he is a sole proprietor, just one in his name?
Akhil Agrawal
(Expert)
23 July 2010
It doesnt matter to the LAw that how the books are kept in the Tally. However i will suggest to have diffrenet books for the two different businesses. I will also suggest to merge both books at the end of the yr & prepare a consolidated PL
26 July 2010
I second the opinion of Mr. Agarwal
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