Balance sheet

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HARJEET SINGH (Querist)
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25 September 2011 Sir, a person A prop of ABC starts a new business XYZ and takes a od limit from bank in the name of ABC but uses the money in XYZ. Now how can I prepare the balance sheet and file the return. The business of XYZ is dairy farming income.

SIVARAMAN and SUNDARAM

SIVARAMAN and SUNDARAM (Expert)
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25 September 2011 Dear Harjeet

Your question is not clear. For whom you have to file the return ?

Clarify.

Regards

HARJEET SINGH

HARJEET SINGH (Querist)
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26 September 2011 Dear, A is the prop of both the firms. I have to file the return of A. ABC is having tax audit.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 September 2011 Books of ABC

Loan from bank is unsecured loan shown on the liabilities side.

Show the amount used for XYS as Loan to XYZ. Will be shown under loans and advances on the asset side.

Books of XYZ

Loan from ABC will be shown under unsecured loan.

Hope your query is resolved.