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Lalit Ji Huf 20

This document is the financial statements for Lalit R. Jain HUF for the accounting year ending March 31, 2020. It includes a statement of total income showing a net profit from business of Rs. 575,232 and bank interest of Rs. 4,251 for total income of Rs. 579,483. It also includes the profit and loss statement and balance sheet for Bhawani Jewellers owned by the HUF, showing total assets of Rs. 6,104,059. Finally, it presents the capital account and balance sheet for the HUF with total assets of Rs. 4,761,270.

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2K views6 pages

Lalit Ji Huf 20

This document is the financial statements for Lalit R. Jain HUF for the accounting year ending March 31, 2020. It includes a statement of total income showing a net profit from business of Rs. 575,232 and bank interest of Rs. 4,251 for total income of Rs. 579,483. It also includes the profit and loss statement and balance sheet for Bhawani Jewellers owned by the HUF, showing total assets of Rs. 6,104,059. Finally, it presents the capital account and balance sheet for the HUF with total assets of Rs. 4,761,270.

Uploaded by

sunil jadhav
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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LALIT R.

JAIN HUF
ROAD NO. 1, 2ND FLOOR,
SHREY BLDG., DUWLAT NAGAR,
BORIVALI (E) MUMBAI 400 066

ACCOUNTING YEAR ENDED : 31ST MARCH 2020


ASSESSMENT YEAR : 2020 - 2021 P.A.N: AABHL6629P
STATUS : H.U.F RESIDENTIAL STATUS : RESIDENT

STATEMENT OF TOTAL INCOME AMOUNT

1. INCOME FROM BUSINESS


NET PROFIT AS PER PROFIT & LOSS ACCOUNT 575,232
(BHAWANI JEWELLERS)

2. INCOME FROM OTHER SOURCES


BANK (SAVINGS) 4,251

GROSS TOTAL INCOME 579,483

LESS: DEDUCTION UNDER CHAPTER VI A


U/S 8TTA : SAVIN BANK INT 4,251
U/S 80C: SCHOOL FEES 125,500 129,751

TOTAL INCOME 449,732

R/OFF 449,730
NOTES :
1. TAX PAYABLE 9,987

ADD: EDUCATION CESS @ 4% 399


BALANCE PAYBLE 10,386

LESS : ADVANCE TAX 20,000


REFUND DUE (9,614)

2. GENERAL PARTICULARS

NAME : BHAWANI JEWELLERS

ADDRESS : SAME AS ABOVE

NATURE OF BUSINESS : RETAILER IN GOLD \ SILVER JEWELLERY


DIAMOND JEWELLERY
BHAWANI JEWELLERS
(PROP. LALIT R. JAIN HUF)

PROFIT & LOSS ACCOUNT AS ON 31ST MARCH 2020

PARTICULARS AMOUNT PARTICULARS AMOUNT

TO OPENING STOCK 6,615,266 BY SALES 3,934,409


TO PURCHASES 1,940,144 BY CLOSING STOCK 5,711,704
TO BANK CHGS 2,911
TO ACCOUNTING CHGS 25,000
TO DEPRECIATION 2,145
TO INSURANCE EXPS 25,577
TO ELECTRICITY CHGS 8,890
TO INTEREST ON LOAN 380,816
TO CONVEYANCE EXPS 5,446
TO IT & GST FEES 5,000
TO SALARY EXPS 35,000
TO TELEPHONE EXPS 96
TO ROUND OFF 0
TO MAINTENANCE CHGS 24,589

TO NET PROFIT TRANSFERRED TO 575,232


CAPITAL ACCOUNT

TOTAL 9,646,113 TOTAL 9,646,113

CAPITAL ACCOUNT AS ON 31 ST MARCH 2020

PARTICULARS AMOUNT PARTICULARS AMOUNT

TO DRAWINGS 150,000 BY BALANCE B/D 2,512,888


TO ADVANCE TAX 20,000 BY NET PROFIT TRANSFERRED
TO COLLEGE FEES 125,500 FROM PROFIT & LOSS A/C 575,232
TO CAPITAL WITHDRAWAL 1,255,401 BY BANK INTEREST 3,198

TO BALANCE C/D 1,540,417

TOTAL 3,091,318 TOTAL 3,091,318


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BHAWANI JEWELLERS
(PROP. LALIT R. JAIN HUF)

BALANCE SHEET AS ON 31 ST MARCH 2020

LIABILITIES AMOUNT ASSETS AMOUNT

CAPITAL ACCOUNT 1,540,417 FIXED ASSETS


CYCLE (HERCULES) 1,431
UNSECURED LOANS ELECTRONIC WEIGHING SCAL 8,297
BHAGWAN SINGH T. DEOVRA 766,311 VIDEOCON LCD 2,430
LALIT R JAIN 2,015,089
NILU L. JAIN 418,109 CLOSING STOCK 5,711,704
RUPALAL JAIN 1,331,010 (GOLD.1062.610 GMS )
(SILVER. 196.975 GMS
(GOLD PC. 21 PCS)
LOANS & ADVANCES
SHOP DEPOSIT 18,500
CHANDAN SINGH 25,000
PROVISION FOR EXPENSES PRAPAID INSURANCE 11,500
ACCOUNTING CHGS. 12,900 CASH & BANK BALANCE
ELECTRICITY CHGS 2,550 CASH IN HAND 252,332
TELEPHONE CHGS 950 AXIS BANK (33263) 26,745
GST PAYABLE 16,723 PUNJAB & SIND BANK (37602) 20,965
SVC CO-OP BANK LTD 25,156

TOTAL 6,104,059 TOTAL 6,104,059


LALIT R. JAIN HUF

CAPITAL ACCOUNT AS ON 31 ST MARCH 2020

PARTICULARS AMOUNT PARTICULARS AMOUNT

TO DRAWINGS 150,000 BY BALANCE B/D 4,477,287


TO ADVANCE TAX 20,000 BY NET PROFIT TRANSFD. FROM
TO COLLEGE FEES 125,500 BY P & L A/C (BHAWANI JEWELLERS) 575,232
BY BANK INT 4,251

TO BALANCE C/D 4,761,270

TOTAL 5,056,770 TOTAL 5,056,770


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BALANCE SHEET AS ON 31 ST MARCH 2020

LIABILITIES AMOUNT ASSETS AMOUNT

CAPITAL ACCOUNT 4,761,270 FIXED ASSET


GOLD 12,501
INVESTMENT IN BHAWANI JEW. 1,540,417
O ASSETS 3,171,235
CASH & BANK BALANCES
CASH IN HAND 12,233
PUNJAB & SIND BANK (37655) 24,884

TOTAL 4,761,270 TOTAL 4,761,270


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