Accounting of proprietory concern
This query is : Resolved
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
08 July 2015
then it will be reduction of your capital
08 July 2015
But whether it will correct for income tax purpose. Will they raised any query.pls guide
09 July 2015
it is based on normal accounting practice and will not be disallowed in income tax
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