How to prepare a capital account for an individual for filing his income tax return?
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Income tax
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Show the capital contributed by him at the inception of business as opening liability in the books of the Individual. further if he deposits add to it and similarly deduct for drawings. After preparation of P & L transfer the profit arrived to his account ( capital account) .
Add interest on capital and to the capital a/c and minum interest on drawings from the capital a/c
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