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Gold purchase form company

This query is : Resolved 
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(Querist)
20 August 2011 Dear Experts

We have one proprietorship company..

Now we bought some gold for Rs.1,00,000/- through company bank account. Bills has received from the buyer in the name of company..

Please advice how account. It has come under owners drawings or company asset..

Thx & Rgs

Harsha
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U S Sharma

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U S Sharma (Expert)
20 August 2011 it would reflect in company as drawings, in company books.
in proprietors balance sheet it will show as assets.
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Harshavardhan

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Harshavardhan (Querist)
20 August 2011 Thank for your reply

I have received bills in name of company... is there any problem

Thx & rgs

harsha
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