SOLE PROPRIETOR A/C

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2011 I hav Sole Proprietorship firm .
queries:
1.i want to purchase some gold for my mom. what would be the expense head ?
2.can i pay my and my spouse insurance preium from my current accounts.
3.i hav to make some percantage of commision to the person who had give me the reference.how to pay that payout and which form and head.
regards,
chiranjivi rao

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)

31 January 2011 You can not debit firm a/c for gold purchase and LIC. You have to show in the firm a/c that money has been withdrawn from firm for personal use. But for payment of premium for yourself and your wife you can claim deduction while filing your return.

You can pay commission to person for referring client to you and debit the commission a/c with the amount paid.

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2011 Thanks for Your quick response

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)

31 January 2011 There is no need to write thanks Ypu can thank by clicking the button

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