27 May 2016
Its been my first encounter to the case where the assessee has closed his business during FY 2014-15 for which return for AY 2015-16 is to be filed.
Query: After passing closing entry of taking all the assets & liabilities, the capital account gets settled. So, whether the Balance Sheet will be blank ??? Only P&L a/c is to be entered in the ITR ???
CAclubindia
