A personal accounting form reports an individual’s financial position during a particular financial year. In other words, it is a statement of an individual’s assets and liabilities.
This form must be filled in the financial statement format and used to obtain a loan from any financial institution.
It is mandatory for every individual having property in his name to fill this form duly each financial year and submit it to the concerned government authorities.
A Personal accounting form can be used for various different purposes depending on the needs and requirements.
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