manitenance of books

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vandana (Querist)
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18 February 2009 if an assessee carries on two propritorship firms of entirely diffrent nature, is he supposed to keep two different sets of books for the businessess?
In the present ITR, how will the balance sheet be filled in such a case?
Will it be statemnt of affair of the proprietor or simply a combined balance sheet and p & l of the two firms?

CA.MANOJ LAMBA

CA.MANOJ LAMBA (Expert)
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18 February 2009 ONE COMBINED BALANCE SHEET & COMBINED PROFIT & LOSS ACCOUNT HAS TO FILLED IN ITR -4
THANKS

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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19 February 2009 He will have to maintain separate set of books.
Also, consolidated figures will have to be filed.

vandana

vandana (Querist)
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19 February 2009 will the combined balance sheet be equivalent to a statemnt of affairs?

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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19 February 2009 Yes.

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