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ADVICE ME

Devendra (Chartered Accountant) (4775 Points)

29 March 2011

One of my friend has started a business last month. But has not maintained the books of accounts. He has purchased new Furniture for office use. He brought his personal computer and bike into his business. Now I want to prepare a Balance Sheet and Profit to file his IT Return. Please give me some idea.

Nature of Business : Advertising Business

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6 Replies

abhishek (CA FINAL) (274 Points)
Replied 29 March 2011

hEY since your friend has started the business recently, i am assuming that he has not made many transactions,if that is the case then from whatever transactions you are aware of, you can simply pass entries e.g he bought furniture for business then on the basis of the bills you can enter the transaction in the books.Once you are done with the entries then comes TB AND follows P&L and B/s.

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U S Sharma (glidor@gmail.com) (21063 Points)
Replied 29 March 2011

capitalise his own brought out items in business, with a proper valuation

capitalize the furnitures etc from his business cash flow

make T/B then claim depriciation on all fixed assets , if profit available for adjustment then do it, or carry forward for next year.

Aswini Pradhan (Articled Assistant) (28 Points)
Replied 01 April 2011

Hi Dear

Please get idea from nearest dealer asap

CA Shiv (Business Controller) (2987 Points)
Replied 01 April 2011

consult your senior who is in CA final...

Its very easy.. matter of minutes...

Yashpal Soni (2 Points)
Replied 18 November 2016

I have filed d my income tax return In A.Y. 2014-15-16-17 for Rs.in lakh 1.32+2.02+2.12 please advise me how much cash i can deposit in my account without tax.