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.
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.
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.
CAclubindia
