Accounting of proprietorship firm
This query is : Resolved
26 November 2012
I am working as an accountant for Proprietorship Firm, My Question is which expense of Proprietor can b claimed as expense & which needs to treated as Drawings?
any link or website or accounting notes on proprietorship will Do?
Tnx in Adv
any link or website or accounting notes on proprietorship will Do?
Tnx in Adv
CA Rohin Arora
(Expert)
26 November 2012
Mr. Daniyal.
When you are doing accounting of Proprietorship, Following two expenses you might come into preview:
1. Revenue Expenditure:-
a. Personal: to be treated as Drawings and not to be routed through Profit and loss A/c.
b. Official: business Expense
2. Capital Expenditure:- Capitalize as Fixed Assets.
If you have any query in your daily based accounting, you can write to me....
When you are doing accounting of Proprietorship, Following two expenses you might come into preview:
1. Revenue Expenditure:-
a. Personal: to be treated as Drawings and not to be routed through Profit and loss A/c.
b. Official: business Expense
2. Capital Expenditure:- Capitalize as Fixed Assets.
If you have any query in your daily based accounting, you can write to me....
27 November 2012
Rohin, m still not clear since i referred last year fs which shows directors personal expense in p&l as seperate head in schedule under Administrtave expense, so here auditors are taking his person expens also as a business expenditure hence showin in firms book y so?
Dhirajlal Rambhia
(Expert)
11 August 2023
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