The capital account of a professional is showing debit balance after all the entries. The balance sheet is a combined balance sheet ( personal and professional ). Can it be like this and will this create any problem while filing the return?
Aswathi (NA) (58 Points)
27 July 2012The capital account of a professional is showing debit balance after all the entries. The balance sheet is a combined balance sheet ( personal and professional ). Can it be like this and will this create any problem while filing the return?
JITENDRA S RAUT
( Officer Accounts)
(27 Points)
Replied 27 July 2012
Captial account is also Known as Financial account primary compoents BOP Balance of Payment ( and CA (Current Account)current account reflects a nation's net income, the capital account reflects net change in national ownership of assets.The term "capital account" is used with a narrower meaning by the International Monetary Fund (IMF) and affiliated sources..
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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