19 January 2012
Hello Sir/mem, I was preparing my own return. I have a query. This will be my first return. I am showing approx amount of 75000 as opening capital on part of misc receipts over the years. Furthur, Profit of 170000 for the year. cumulatively making my capital approx 250000. On Right Hand Side of B/S, I am showing Debtors of Rs. 50000. My query is How to adjust remaining 200000 Rupee. Showing Cash of this volume will definately put return under scrutiny in my opinion. Please Help. Thanks
19 January 2012
Sir, I dont have bank account in my name at present. Closed down the one i had sometime back. Being a student, I dont have any asset in my name.
19 January 2012
Why do you want to prepare a Balance Sheet? It is not required for filing the return because your business income is very less.
Just fill in the income details.
Even if you want to prepare a Balance Sheet, show some drawings. Show computer/laptop, vehicle(Scooty/Activa), mobile, computer software, etc as assets. and show small amount of cash.
19 January 2012
YOU ARE SHOWING INTEREST. HAVE YOU RECEIVED BACK THE LOANS OR DEPOSITS MADE BY YOU? . START WITH SMALLER OPENING BALANCE AND SHOW DRAWINGS ALSO. .
CAclubindia
