Opening Balance Introduced As Capital And Cash On Hand


Anonymous
watch_later 2 weeks ago

Sir,

Assess maintained a retaile kirana stores.

Sales turnover finicial year: 2018-2019 rs. 31 lacs and shown in Net profit rs.3,10,000/-

Sales turnover finicial year : 2019-2020 rs.35 lacs and shown in  Net profit rs.3,50,000/-

Assess two years I.t. return filed.sales ledger book maintained only.

Question:

Assess How much amount( minimum and maximum) capital and cash on hand opening balance introduced  as on 01-04-2018  shown in balance sheet I.t. returns as per I.t. act

 

 

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