Easy Office
LCI Learning

Accounting of proprietory concern

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 July 2015 I am doing proprietary business Can i draw amount for personal use from business more than net profit of business. pls guide e.g my net profit is Rs.100000/- & drawing is 200000/- pls guide
Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
08 July 2015 then it will be reduction of your capital
Profile Image

shamkant

Profile Image

shamkant (Querist)
08 July 2015 But whether it will correct for income tax purpose. Will they raised any query.pls guide



Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
09 July 2015 it is based on normal accounting practice and will not be disallowed in income tax

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Trending Online Classes

view all classess
CCI Pro


Answer Query



Quick Links