Releted to entity concept
This query is : Resolved
Mukunda Wanjari
(Querist)
22 February 2014
According to entity concept transaction related to business record in the books of business and transaction related to owner record in his personal books of record . Then my question is where the transaction recorded related to both business and owner.And why.?
Nikhil Kaushik
(Expert)
22 February 2014
they would be recorded in both the books of business entity and of the owner. With regards to proprietor business, there would be no differentiation and and the amount used by the owner shall reflect as drawings in the business books.
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