Bank Accounts
This query is : Resolved
13 May 2009
I have 2(A&B) properitorship concern.B business is closed on 31.03.08. But B have rceivables as per books of accounts as on 31.03.08. B's receivables received in 2008-09. A&B have separate bank accounts.I have purchased commercial Motor Vehicle for business use in 2008-09 in the name of A comcern.But EMI of that vehicle paid from B's bank account.In this situation receipts(EMI) from B's account i treat in books of accounts A as a capital addition.
13 May 2009
Yes, definitely it is an addition of capital in business 'A'. However, the overall capital will remain the same as the withdrawal of capital from business 'B' and addition of the same to business 'A' makes no effect on the overall capital of the Proprietor.
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