sole proprietor
This query is : Resolved
30 December 2009
How Drawing of proprietor is treated in his individual a/c
30 December 2009
Debit his capital account.
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.
30 December 2009
agree
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 As and when drawing is made it is assuming that he had withdrawn from his capital account, the capital account balance would be reduced.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.
31 December 2009
Debit the capital account for the individual
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