Piyush (Manager) (64 Points)
25 May 2012In case where proprietor has a business and regular books of accounts case,
Where do I enter profit from speculative business in PL sheet.
Because in BP you have to enter speculative profit included in above profit.
There is no option to enter speculative profit directly there.
So where should i enter spec profit in P and L sheet.
Please help
PRITAM JAIN, CA , CS
(Practising CA CS)
(398 Points)
Replied 25 May 2012
You can enter Speculation profit in Other income column of P & L
Then u can show deduction from Profit from buss as Income considered under the other heads of income computation of Income. (1st of all Buss income should be inclusive of spec income)
I think it wud work and ur form will be validated....
Regards
Piyush
(Manager)
(64 Points)
Replied 26 May 2012
This is one way or can I enter the proprietor p l as it is, and enter this speculative profit in no account case, because you can fill both account case and no account case simultaneously??
CAclubindia
