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What should be included in balance sheet of individual?

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Neha Mittal

Neha Mittal (240 Points)
Replied 30 November 2017

not at all @ divakar I told you na I was just telling you bcz bsheet is preparing for the first time.
and @ raja sir I agree wid @ divakar last statement
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RAJA P M

RAJA P M ("Do the Right Thing...!!!")   (127921 Points)
Replied 30 November 2017

(no cash balance 👉
Introduction of capital)
No more connection of both points..
When we introduce capital...?
when we show the balances if it's cash or Cash equivalent...?
What is the difference between Cash and Bank as per your above said view...?

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 30 November 2017

Thanx @ neha..i don't want ever that arguments become fight that's why i am always trying to avoid arguments with anyone... We r here for gaining knowledge and making friends and fighting with each other... And let down to anyone

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 30 November 2017

Much difference between cash and bank account... When u hv no cash balance then introduction of capital done through loan account that may be bank loan, unsecured load from friends and family and relatives

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 30 November 2017

Generally cash balance is unaccounted money... In that case u have to tell to the department source of finance... And bank balance is accounted money

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Neha Mittal

Neha Mittal (240 Points)
Replied 30 November 2017

right @ divakar

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 30 November 2017

Thanx @ both of u... Jiska query tha wo h nahi... Aur ham sab baate kar rahe.. Kuch knowledge gain ho jata hai

RAJA P M

RAJA P M ("Do the Right Thing...!!!")   (127921 Points)
Replied 30 November 2017

But,
I'm not get reply as following questions.... 👇

(No more connection of both points..)

When we introduce capital...?

When we show the balances if it's cash or Cash equivalent...?

What is the difference between Cash and Bank as per your above said view...?

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 30 November 2017

@ neha.. Plz reply query of raja sir... Introduction of capital at the time of starting of business... I am just saying that one can invest his cash balance or bank balance or both... During the year a lot of transaction happening... Earnings of profit is addition of capital etc

Neha Mittal

Neha Mittal (240 Points)
Replied 30 November 2017

@ raja sir I think it query is very serious u should raise ur seperate query. thank you

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RAJA P M

RAJA P M ("Do the Right Thing...!!!")   (127921 Points)
Replied 01 December 2017

@ Dear Neha Mittal.,

Okay dear I leave it.... But, The Query is
What are items include in BS and PandL...?
Also tds u/s 194J... and Main think The Assessee is a "CONTRACT EMPLOYEE"... Note he is Employee....

In this situation
how he introduce capital...?
Which condition he prepare BS*...?

In case the case (Assessee) ll be prepare BS and PandL required some datas. Otherwise no need BS... Only think can be preparing PandL. If we ll prepare BS then want to details of.,
1 Like

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 01 December 2017

@ Raja sir... an employee can't do business??? Why he can't introduce capital?? Balance sheet doesn't need all data... What is available that is included in balance sheet... Capital... Liability... Fixed assets... Investment... Cash & Bank balance.. Debtors... Balance sheet prepared...

Neha Mittal

Neha Mittal (240 Points)
Replied 01 December 2017

( @ raja) so sir I think yr first doubt should be if he is an employee then how TDS u/s 194j should be deducted it should be in sec 192..

and so clear that person is contact employee and thereby earns professional income and nominal amount of capital can be introduced. what was so big doubt over that
2 Like

Divakar

Divakar (Student CA Final ) (11857 Points)
Replied 01 December 2017

Leave it... If he is also an employee then what is the problem in doing business... One of my client is doing salary and he is also running restaurant having turnover more than Rs. 2 crore... What is the problem in that

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RAJA P M

RAJA P M ("Do the Right Thing...!!!")   (127921 Points)
Replied 01 December 2017

Ha ha ha ha 😇😇😇😊😊😊

Okay EXPERTS...! Enjoy Yourself...


GOOD LUCK....!!!



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