Journel entry in books ?
This query is : Resolved
20 August 2022
Company Owner Purchase Gold Worth 1,50,000.00 For Personal Use From Company GSTIN . Then What Will Be Entry In Company Books
20 August 2022
What do you mean by company owner? Is it Director of the company?
20 August 2022
Yes director of the company
20 August 2022
The company can make the owner withdrawal journal entry by debiting the Director's withdrawals or Loan account and crediting the Bank account. The total withdrawal would include GST. The company cannot claim ITC over the gold purchased for personal use of the Director.
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