Accounting of proprietorship firm

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Daniyal (Querist)
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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

CA Rohin Arora

CA Rohin Arora (Expert)
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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....

Daniyal

Daniyal (Querist)
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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

Dhirajlal Rambhia (Expert)
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11 August 2023

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