Where to show drawings in balance sheet (itr 4)

2804 views 5 replies
Where to show drawings in filing Balance Sheet for professional under ITR 4?
Replies (5)
Only the capital account balance is shown in ITR. Drawings are not required.
Drawings is not a balance sheet item. It is transferred to capital account at the end of the year and then only capital account balance needs to be taken to balance sheet.

Thanks for responding Suresh. Please let me know - The proprietors capital would be Net profit from P&L - Drawings?

I filed as self employed professional and claim no expenses. All gross receipts are treated as income. So I just want to know how will that he reflected in Balance Sheet? 

Thank you

How Gross receipts can be treated as income..
Income Should be Gross Receipts minus expenditure..
And Suresh g is right the drawings should not be shown under balance sheet.. it forms the part of capital account.. and capital shown in balance sheet is net of drawings (Opening Capital+Net Profit-Drawings-other personal expenses)
=closing capital (shown in balance sheet)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register