Business transactions from savings account of proprietor
This query is : Resolved
03 July 2011
Is it possible and legal to transact business from the individual savings bank account of Proprietor (of firm)?
i.e. all bank transactions will happen through savings account, so cheques will issued/presented in Proprietors name, not firms name.
i.e. all bank transactions will happen through savings account, so cheques will issued/presented in Proprietors name, not firms name.
03 July 2011
in this case seperate P & L account will be prepared for Proprietor and Proprietorship firm
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