Drawings on capital of md or partners
This query is : Resolved
Gajjala Satheesh
(Querist)
10 May 2013
Dear Sir / Madam,
I have a small doubt my company is a Private Limited Company. Our MD is drawn Rs. 47,50,000/-. If we show the same amount is Final Accounts, what will happen.
Is there any particular amount for Company Md or Managing Partners Drawings amount.
Plz clarify my doubt.
Thanks in advance.
I have a small doubt my company is a Private Limited Company. Our MD is drawn Rs. 47,50,000/-. If we show the same amount is Final Accounts, what will happen.
Is there any particular amount for Company Md or Managing Partners Drawings amount.
Plz clarify my doubt.
Thanks in advance.
CA. RICHI SAXENA
(Expert)
10 May 2013
First of all please refer MOA and AOA as to what provisions have been incorporated therein w.r.t drawings made by directors/managing directors.
And If no specific provision exists then place the amount drawn under an account named in the personal name of The Director.
This amount is to be treated as loan to director.
And If no specific provision exists then place the amount drawn under an account named in the personal name of The Director.
This amount is to be treated as loan to director.
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