Expenses
This query is : Resolved
swati dasharath more
(Querist)
09 March 2012
If payment made by partners to pay his personal expenses e.g.personal credit card exp paid, his home mahanagar gas , cloths, food , pmt made to his relatives , his home electricity exp, and other his personal exp by current account then how do we record those expenses meanse under which head.
09 March 2012
Such expenses should be debited to Drawings Account.
Ravi Jhamb
(Expert)
09 March 2012
All personal expenses related to the partner is considered as Drawing and written off their capital.
Ravi Jhamb
(Expert)
09 March 2012
In Company Case the director personal expenses deduct from their salary or commission.
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