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sole proprietor

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(Querist)
30 December 2009 How Drawing of proprietor is treated in his individual a/c
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
30 December 2009 Debit his capital account.
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CA. Varun Goel

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CA. Varun Goel (Expert)
30 December 2009 Individual a/c is a capital a/c and it has a credit balance. when proprietor withdrawl from his firm then its capital decreases, so it should be debited in his account.
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Rknahar

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Rknahar (Querist)
30 December 2009 thanks
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
30 December 2009 agree
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
30 December 2009 Capital account is a liability account(liability of the business to owner)and hence credit balance. As and when drawing is made it is assuming that he had withdrawn from his capital account, the capital account balance would be reduced. for reducing capital we will debit the same.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
31 December 2009 Debit the capital account for the individual
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