Query relating to drawings
This query is : Resolved
20 October 2014
hello every one,
The drawings which were in the bank statement of a contractor can be treated as 50% personal drawings and other 50% for business purpose? was that treatment right ?pls helpe out
Ganeshbabu K
(Expert)
27 October 2014
how it will be correct
.
.
you have to find out end use of drawings
.
.
if amount drawn used for business purpose it cannot be taken as drawings,..this drawings pay reduce liability of enterprise
.
.
if amount drawn used for personal purposes same may be treated as drawings
.
.
you have to find out end use of drawings
.
.
if amount drawn used for business purpose it cannot be taken as drawings,..this drawings pay reduce liability of enterprise
.
.
if amount drawn used for personal purposes same may be treated as drawings
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