DRESSES ON HIRE

[RAHUL GUJARATHI]

I HAVE RENTAL BUSINESS (FANCY DRESSES ON HIRE) IN SMALL SCALE. PLS SUGGEST ME PROPER METHOD OF ACCOUNTING. ALSO PROVIDE ME SAMPLE P&L AND BALANCE SHEET

[KASTURI SETHI]

Personal advice and training is required from C.A.for such purpose.

[YAGAY and SUN]

For this you may refer Class XI accounts books which not only throws light on accounting entries but the various samples of Profit & Loss account along with formats of Balance Sheet.

[DR.MARIAPPAN GOVINDARAJAN]

I endorse the view of Sri Sethi. You may engage professionals in this regard.

AI Summary

Accounting method for rental business: engage professional advice and use standard profit and loss and balance sheet formats for compliance.
Issue: appropriate method of accounting for a small-scale dress-hire business; request for sample Profit & Loss account and Balance Sheet. Core recommendation: engage a chartered accountant or professional to determine accounting basis, revenue recognition for hire transactions, cost allocation, asset depreciation and maintenance of records; textbook formats may serve only as general illustrative guides.