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Expenses

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(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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 March 2012 Such expenses should be debited to Drawings Account.
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Ravi Jhamb

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Ravi Jhamb (Expert)
09 March 2012 All personal expenses related to the partner is considered as Drawing and written off their capital.
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Ravi Jhamb

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Ravi Jhamb (Expert)
09 March 2012 In Company Case the director personal expenses deduct from their salary or commission.
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