ONE OR MORE FIRM FINANCIAL ACCOUNTS

This query is : Resolved

suryadipsinh mori (Querist)
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09 May 2023 One person is owned 3 shops (proprietor) and He Appointed sales person for 2 shops and give salary to 2 persons, then for ITR (Loan Purpose) How Should i prepare financial accounts ?

1. Should i prepare profit and loss, balance sheet separately for 3 shops and give 3 shops combined net profit value in itr 4

OR

2. Should i prepare single profit and loss, balance sheet for 3 shops ?

Kindly Answer

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 May 2023 You can prepare combined statements if all the 3 shops are used for the proprietorship business.

PARAS CHHAJED

PARAS CHHAJED

(Expert)
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09 May 2023 If separate books of amount are maintained for each shop, then better to prepare separate p&L and B/S for each shop and then prepare a consolidated P&L and B/s. The consolidated P&L ad B/s to be used for preparation of return of income.

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