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Books of accounts

garvit bharti (CA FINAL) (370 Points)

03 April 2014

From the beginning of FY 2014-15 i have an offer to maintain books of accounts of some of individuals. Kindly tell me how should i start when no accounts are available for earlier years. Also enlighten the key points to be kept in mind. Whether tally is sufficient for the same??

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CA Raj Doshi (Practising CA) (8924 Points)
Replied 03 April 2014

Tally is very sufficient. Take previous years computation of income tax.Bank balance you will get as on 31st march.Investments, loans given and taken. - tell the client to get a valance confirmation from the borrower or lender. And input the required values as opening balances as on 1st april 2014.Do accounting for the entire year.Any difference to be adjusted through cash and capital a/c. If any debtors creditors take balance confirmation as on 1st April 2014. Regards Raj Doshi.