12 October 2010
Mr. A is proprietor of 2 business. Balance sheet of business 1 shows capital of 10 Balance sheet of business 2 shows capital of 15
and in the balance sheet of Mr. A assets and liabilities of these 2 business are NOT combined, only his personal assets and liabilities are shown but capital of these 2 business are shown under current assets. What does it mean? I got only 3 balance sheet and no other data and have to file return before 15th. Plz reply soon
13 October 2010
Assets and liabilities in both the business has been treated as trade investments. I think it should be treated as invetments seperatelly, instead of taking under current assets.
I could not understand what is the problem in filling the IT return. please clear.
13 October 2010
Assets and liabilities in both the business has been treated as trade investments. I think it should be treated as invetments seperatelly, instead of taking under current assets.
I could not understand what is the problem in filling the IT return. please clear.
The only thing as shailesh told is the capital is investment and not a current asset. The same need to be shown in personal balance sheet of A alongwith his other personal assets.
CAclubindia
