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Journel entry in books ?

This query is : Resolved 
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(Querist)
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
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
20 August 2022 What do you mean by company owner? Is it Director of the company?
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Kapil Agarwal

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Kapil Agarwal (Querist)
20 August 2022 Yes director of the company
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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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