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Q. > Please Help: Final accounts
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Ms Janie, a client who has traded as a hardware merchant for the last five years, has told you that she finds difficulty in understanding the draft profit and loss account for the year ended 31 December 2010 which has been prepared by your assistant. Ms Janie’s main concern is that, although the accounts show a profit, the bank overdraft at 31 December 2010 was significantly higher than it was a year earlier.
Required:
Write a report, indicating your response and opinion to Ms Janie
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Comments
CA Rajnish
29-Jun-2011 , 04:07:32 amMs Janie,ur accounts shows profit during the period and you can deduct only interest paid on such Bank O.D. from this profit.Bank over draft is a capital nature so it will show in your balance sheet.As per income tax u can carry forward your loss(if this results)to 8 years.