I am Not an accountant but have learnt most basics over the years running the business. I have no problem in filling Balance sheet and expense details in things like LLP Form-8 or even the P&L in ITR-5 but I have always found the Balance Sheet section in ITR-5 quite confusing. What is confusing to me is that it contains both the Assets and Liabilities under the "Application of Funds" head and then has option to only enter details around actual cash in the "source of funds". Can someone help me understand this? Why isn't the assets and liabilities separated in this ITR?
CAclubindia
