Query regarding sales of goods to proprietor itself
This query is : Resolved
16 October 2018
R/Sir
Kindly request to resolve my query regarding sale of goods to proprietor itself :-
1.) If from business some goods is sold to proprietor of business then what would be it accounting treatment and as per sale of goods act there would be two parties or not because there is no proprietorship act but we have to consider entity concept of business here or not.
Kindly request to resolve my query regarding sale of goods to proprietor itself :-
1.) If from business some goods is sold to proprietor of business then what would be it accounting treatment and as per sale of goods act there would be two parties or not because there is no proprietorship act but we have to consider entity concept of business here or not.
CA R SEETHARAMAN
(Expert)
16 October 2018
In proprietorship no entity concept, it's not a separate entity.
Debit capital account and credit purchase/stock.
It will not fall under sale.
Debit capital account and credit purchase/stock.
It will not fall under sale.
Puja Sharma
(Expert)
16 October 2018
The accounting should be made routed through Capital Account .
17 October 2018
Sir as you said in proprietorship entity concept not apply then how we will do accounting as per business point of view.
Kindly request to resolve my query as soon as possible.
Kindly request to resolve my query as soon as possible.
CA R SEETHARAMAN
(Expert)
17 October 2018
Adjust personal adjustment in capital account. I am not clear what is your requirements.
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