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Drwaing from propritorship firm

This query is : Resolved 
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(Querist)
22 February 2014 Dear Sir,

Last year our proprietor had been withdrawn Rs. 10,00,000.00 from firm and it shown as ADVANCE to Proprietor in books of accounts. This year he want to withdrawn of Rs. 20,00,000.00 from Firm. Actually i want to know what should the accounting effect of this transaction.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 February 2014 there is no concept called advance to proprietor? you cannot owe money to yourself. whaever is withdrawn should be debited to capital account.
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Dipak Saha

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Dipak Saha (Querist)
22 February 2014 what is the maximum limit of drawing?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 February 2014 There is no limit in proprietorship
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