sidhigiri (Ipcc) (236 Points)
06 April 2018One of my client filing return for 4 year under section 44Ad and no balance sheet prepared by Client and Tax practioner (not me) Now the client want me to prepaed Balance sheet for year 2016-17 .my querry is how to dertermined capital balance as on 1st apirl 2016(opening capital balance)
A B Kundu
(Professional)
(1422 Points)
Replied 06 April 2018
First confirm the total assets (Fixed, Current, Investments, Debtors etc.) of the assessee, then from the total assets deduct all the liabilities (Loans, Outstanding Exp., Creditors etc.), the balancing figure will be the opening capital fund.
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