Trouble

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1.one my client face a serious problem. he is running a proprietorship his cash goes negative balance   around nearest 60000. how to adjust these amount at the time of finalisation.what is the adjusting entry ?

2. Is there is any difference difference in case of the assessee is a company? (Adjusting entry)

Replies (2)
Accounting is same for proprietorship or company. Do not 'adjust' the accounts. Pass correct entries. Cash cannot be negative

Doing the finalisation Fy 2013-14, I have no other option how to overcome the situation? pls help


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