Answer Posted / sudhish sharma
WHEN BALANCE SHEET IS PREPARED ON CURRENT MARKET VALUE AND WITH ALL INCOME,WHEATHER TAXABLE OR NOT,EVEN REAL INCOME WHICH IS NOT COSIDERED FOR TAX PURPOSE.INCOME OF OTHER PERSON WHICH BELONGS TRO THE PERSON IS ALSO INCLUDED IN THIS.AND SAME IN BALANCE SHEEET SOME ASSETS WHICH ARE NOT PURCHESED IN THE PERSONS NAME BUT HE IS THE OWNER,WILL ALSO INCLUDED IN BALACNCE SHEET.THIS SHOWS THE SHEDOW OF HIS ALL REAL INCOME,EXPENDITURE,ASSETS AND LIABILITIES.
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