rent of house
This query is : Resolved
17 March 2011
Hi,
Please say a Proprietor pays his house rent rs.15000.00 from is bank ac.Can it been shown in P/L ac as a expenses or to its drawing ac.
A prop. is engaged in caters business.
Please Reply.
Thanks & Regards
Please say a Proprietor pays his house rent rs.15000.00 from is bank ac.Can it been shown in P/L ac as a expenses or to its drawing ac.
A prop. is engaged in caters business.
Please Reply.
Thanks & Regards
Sunil Kr. Sanganeria
(Expert)
17 March 2011
If house id used by proprietor and his family for personal use only. It should be drawing of the proprietor.
If proprietor is doing business from the same place, a pert of the rent paid may be shown as an expenses incurred fro running the business
If proprietor is doing business from the same place, a pert of the rent paid may be shown as an expenses incurred fro running the business
17 March 2011
It depends, if the business is carried out from the same house then it can be treated as business exp otherwise the whole amount is to be treated as drawing.
But, if the house is used for residential cum business purpose, then only a proportionate value of rent can be treated as business exp & the rest will be drawing.
But, if the house is used for residential cum business purpose, then only a proportionate value of rent can be treated as business exp & the rest will be drawing.
Murtaza I Bhagat
(Expert)
17 March 2011
agreed to experts
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