Bank account regards

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A new business owner is seeking clarification on how to treat a personal savings account balance when starting a proprietorship. They have RS 140,000 in savings and are unsure if this should be considered business capital. The user also needs advice on how to manage business transactions if they occur within their personal savings account.

Amarnath

Amarnath (Querist)

02 June 2020 Dear sir /madam,
I started proprietorship concern in sep 19. I have maintaining my accounts transaction in tally. I already have a balance in my savings account of RS 140000.00 in Aug 31 . My doubt is shall I consider this amount as capital account or else. I cannot make the opening balance. Please suggest me sir

c.bakshi

c.bakshi (Expert)

03 June 2020 THE BALANCE IS YOUR SAVING ACCOUNT IS NOT YOUR CAPITAL UNTIL OR UNLESS YOU TRANSFER OR INTRODUCED THAT AMOUNT IN YOUR BUSINESS

Amarnath

Amarnath (Querist)

03 June 2020 Dear Sir,
As per my previous query i have raised two question you sir
suppose the business transaction is made in my saving account then what i do sir?
suppose if not made any business transaction then how can consider the balance sir?

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