Audit Platform

The aim of the project is for processing Balance sheet, Profit & Loss Account of Proprietorship and Partnership Firms 1. The input to the system is Trial balance imported from tally 2. All the schedule should be entered first 3. The entries in the trial balance are selected and match to the appropriate schedules and save them 4. The percentage of depreciation is treated differently in income tax and company laws. So we have to keep a separate master form for that. 5. Under Fixed Asset, the following terms have to be noted. Gross block:- It is the original cost of asset.(Purchase value) The depreciation of fixed assets are of two types : cumulative depreciation and current year depreciation Cumulative depreciation is the accumulated depreciation from the opening (Sum of all the depreciations from the year which the asset has purchased to till now) Current Year depreciation is the depreciation of the present year. Written down value is the current year opening value of the asset less depreciation of the current year Opening written down value is the closing fixed asset value of the previous year or will get from the trial balance of the current year. Closing written down value is the value calculated as Gross block less cumulative depreciation. 6. Current year depreciation will send to P&L account and closing written down value will send to Balance Sheet 7. Income Tax can be calculated as: The amount of Profit before tax is added with Addition amounts and the deduction amounts are reduced from it. Income tax amount is send to the Balance sheet under the