Capital account
This query is : Resolved
14 June 2016
Say a person has a proprietary business. Naturally he'll have a current account as well as a savings account. If that person has not Incorporated the savings account in his books, but has transferred substantial sum of money from his current to savings account, how will you treat this transaction in his books of accounts?
CA R SEETHARAMAN
(Expert)
14 June 2016
Treat it as capital ac withdrawal.
Murtaza I Bhagat
(Expert)
14 June 2016
Yes use as capital withdrawl for house hold expenses.
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