Question ID : 21521

Under the new ICAI Guidance Note for Non-Corporate Entities, effective from FY 2024–25, the treatmen

Under the new ICAI Guidance Note for Non-Corporate Entities, effective from FY 2024–25, the treatment of personal assets and liabilities in a proprietor’s financial statements

Propreitor previously included personal assests and liabilities in his Balance sheet in T Format but now as per New format of Non Corporate entities how should the Propreitor report the personal assests and Liabilities ?

Should we Report Personal and Business, Assets and Liabilities separately ?? Or Include it in the Business Balance Sheet or there is any other method Kindly Share as guideance note has not clarified regarding this issue

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