Personal drawings..
Querist : Anonymous
Example: M/s X is a trading firm. It's proprietor made cash & chq payments of Rs. 10,00,000 to a person who is construction contractor for his service rendered to proprietor's own house construction and the contractor is unregistered contractor.
Qst1: How Drawings/Chq payments made will be treated as in the books M/s X firm?
Qst2: As per accounting standards under which schedule it will be treated.
Entry will be as under:
Drawings A/c Dr
To Bank
Drawings are reduced from the capital account while preparing financial statements.
Querist : Anonymous
Please ans for other Doubts:
1. Suppose in the bank statement contractor name is indicated.
2. When the financial statements is prepared (at the time of necessary / year end / while passing the entry.
For example 1.4.2011 to 31.03.2012
Querist : Anonymous
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