Itr4 balance sheet

Sunder (Business) (165 Points)

12 August 2013  

Here are some questions regarding Part A - BS of ITR4 for a Proprietory

business:

- Does 'Proprietor's Capital' pertain to only addition of funds made in the current year?
- Does the section 'Loan Funds' pertain to only loans taken during current year? What about unpaid past loans on which intest is being paid?
- Do bank deposits come under 'Long Term Investments'?
- Where does total amount of unpaid loans go? What about interest on these loans?
- Where does total profit/loss from business go?
- Should the 'Sources of Funds' always balance with 'Application of Funds'?