Drawings by partenrs

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siva krishna (Querist)
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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

Rahul Gupta

Rahul Gupta (Expert)
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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

sai swaroop munaga (Expert)
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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

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