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Drawing by the owner of Company

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 November 2010 Can owner of Public Ltd co withdraw the amount from business for personal use? If yes, What is the treatment of drawing made by the owner of the Public Limited Co, in the books of account?
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CA. BHAVIK DILIPBHAI MEHTA

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CA. BHAVIK DILIPBHAI MEHTA (Expert)
25 November 2010 The owners of Public Limited Company are per se their equity shareholders itself. Say for Example the owners of Reliance Industries Limited are the equity shareholders & their directors are only acting in fiduciary capacity. The equity shareholders are not entitled to withdraw their money for personal use. Hence there is no treatment of drawning made by the owner of public limited company in books of accounts.
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