banner_ad

Drwaing from propritorship firm

This query is : Resolved 
Profile Image

Profile Image

(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Last year our proprietor had been withdrawn Rs. 10,00,000.00 from firm and it shown as ADVANCE to Proprietor in books of accounts. This year he want to withdrawn of Rs. 20,00,000.00 from Firm.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.
Profile Image

Nikhil Kaushik

Profile Image

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 whaever is withdrawn should be debited to capital account.
Profile Image

Dipak Saha

Profile Image

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

Nikhil Kaushik

Profile Image

Nikhil Kaushik (Expert)
22 February 2014 There is no limit in proprietorship
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details