What is the need for Interest on Capital in a Sole Proprietorship? I understand that as per Business Entity Concept, Owner is separate from Business, and hence he requires interest on the amount invested by him in the Business. However, really, he is the one carrying on the business. So, in a way he is charging interest on his own money. Please explain!
Proprietorship business
Sir, one person running a proprietorship business.He maintained one current account in the proprietorship business name and savings account. He received income from business in both the account. At the time of preparing balance sheet of that business whether I include the savings account balance in bank account or not.
Discount and comission
Dear sir,
We have purchse some service from 2diffrent vendor..one has given comission nd charge tds..second has given discount but did nt charge tds...so can you pls explain what is difference between both invoice for accounting??
Clear the head where i can book expense of salary
WHEN I PAID A SALARY OF RS. 15000/-(Rs.10710/- By Chq. & Rs.4300/- in cash) TO EMPLOYEE BUT BOOK IN salary sheet Rs. 12000/-(PF-1080/-, Esi- 210/-) Incluiding PF & ESI Amount. tell me cash salary which head i book in our books.
Partnership firm - queries
Which expenses are to be taken in partnership firm or which not ???
interest on IT Refund
sir interest on IT Refund ....can we take under capital accounts....?
balance sheet
hi sir IT refund amount comes under capital account balance account...? please tell me sir
Final accounts
Why it is so called as profit and loss A/c neither than profit or loss A/c.Either profit or loss can be judged.
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Interest on capital