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ITR3 Balance Sheet. How to enter negative value?

Ghemachandar (Proprietor) (28 Points)

25 January 2022

There was a net business loss of Rs. 7,677/-. But when I enter the negative value in "4c: Profit and loss account/ Accumulated balance" of the Balance Sheet, the value is not accepting. How to resolve?

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5 Replies

RAHUL RAJU (124 Points)
Replied 25 January 2022

The same is in Application of Funds which means debit side of Balance sheet, if you have loss than enter the amount only

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Ghemachandar (Proprietor) (28 Points)
Replied 25 January 2022

So, I should enter the positive value. Suppose, if I had a net PROFIT of Rs. 7,677/-, value will be the same?

veerendar singh (tax consultant) (3301 Points)
Replied 25 January 2022

do not post the loss separately in the balance sheet. make the adjustment in the amount of capital fund and post the adjusted capital amount

RAHUL RAJU (124 Points)
Replied 26 January 2022

Ghemchandar Ji if you had net profit so you would have entered the same in Sources of Fund under Reserves and Surplus. Since you had asked the question regarding Loss which means Debit Balance so the same would be shown in Application of Funds as positive amount and not as negative.