Drawings by partenrs
This query is : Open
siva krishna
(Querist)
18 March 2011
Dear experts,
Suppose if an individual having a sole proprietorship business is also a working partner in a firm then is it compulsory that every drawing made in the firm has to be shown under individual business as investment
please advise me it is very urgent
Thanks in advance
Suppose if an individual having a sole proprietorship business is also a working partner in a firm then is it compulsory that every drawing made in the firm has to be shown under individual business as investment
please advise me it is very urgent
Thanks in advance
Rahul Gupta
(Expert)
18 March 2011
No. There is no compulsion that drawing made from firm is treated as investment in business. The person can use it for his personal expenses also other than business.
sai swaroop munaga
(Expert)
18 March 2011
Yes, i agree with that.
Drawings can be done for any cause, there is no compulsion to treat them as investment in personal business
Drawings can be done for any cause, there is no compulsion to treat them as investment in personal business
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