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Merge of bank a/c

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krishna (Querist)
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19 September 2013 can a proprietor of the firm combined his personal bank a/c to his firm or can he take loan amount of the firm on his personal bank account if yes how can we show it on book of account of the proprietorship firm

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 September 2013 In case of a proprietor, it is not a big problem...however, if the proprietor is maintaining a separate account for business, then for the convenience sake it would be better to park the proceeds of business the designated separate account only.

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