balance sheet

13 July 2018

if a person has income from business as well as salary then will he has to add both income in balance sheet below capital or only business income?

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3 Replies

CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 13 July 2018

Salary + Net profit. Net profit is to be added and not business income.

Nitin Mahale (CA Student) (88 Points)
Replied 13 July 2018

You show the salary income in credit side of p&l account and it should be shown seperately under the head ' Income from Salary' in income statement.

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 13 July 2018

Originally posted by : Saurabh Kumar
	if a person has income from business as well as salary then will he has to add both income in balance sheet below capital or only business income?

Yes... If You are prepare P and L account then You will transfer the Profit amount to Your Capital Account and Also Salary...

Note :

Salary amount nott calculated under Business Head and It's PandL

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