For the first balance sheet of a taxpayer, is there any limit for opening of Capital Account balance.
Also how to justify its value?
2 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 19 June 2020
Capital = total assets- (Long term and short term liabilities + current liabilities and provisions)
Bhavin Shah
(Chartered Accountant)
(821 Points)
Replied 21 June 2020
Capital Account balance would be a residuary figure (Assets - Liabilities)
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