Kollipara sundaraiah asked 11 months ago
It assessess maintained a four business.
Question:
Assessess prepared finical accounts four business seperately profit and loss account and balance sheet or financial accounts single profit and loss account and balance sheet.
1 Answers
Bendey answered 11 months ago
If assessee maintains more than one business under proprietary business under same PAN. Then He may first prepare separate balance sheet & Profit & loss account for all the businesses. Then He may prepare a consolidated balance sheet and P&L account.
The consolidated balance sheet and P&L account to be reported in ITR-3 while filing income tax return.
How much loan a business can get it depends on the assets & incomes of a business like value of debtors, value of inventory etc.
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