20 July 2010
Dear sir we are a proprietor firm.we have fixed deposits in name of proprietor & firm.
My query is that whether we have to show in balance sheet those fixed deposits which are in name of firm or we can also show proprietor fixed deposits also in balance sheet.
20 July 2010
Only show FD in the name of the Prop Fir. Individual balance sheet will be prepared separately. Profit of Prop. firm will be shown in the Individual balance Sheet. FD in the name of Individual will be shown in the Individual balance sheet.
20 July 2010
IF firm is in proprietrship , then Return is firm is not given sepratelly. i.e Return is filed on PAN No. of Propreitor. In case of Propreitorship, Balance sheet is made for propretior. Hence you can show FD whether in name of firm/prop. in Balancesheet.
20 July 2010
IN MY OPINION IF THE FDs IN THE INDIVIDUAL NAME IS LIKED TO THE PROPRIETORY BUSINESS OF THE PERSON OR MADE OUT OF THE FUND OF THE PROP FIRM WHETHER IN PERSONAL NAME MAY BE SHOWN IN THE FIRM'S BALANCE SHEET.
CAclubindia
