Transfer to drawing accounts

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This discussion clarifies that disallowable expenses can indeed be transferred to drawing accounts for individuals and HUFs. It further explains that fixed assets purchased for personal use by HUFs and proprietorship businesses should be recorded under drawing accounts rather than fixed asset accounts.

Daya

Daya (Querist)
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26 November 2022 is disallowable expenses transferred to drawing accounts in the case of individual and HUF.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 November 2022 Yes, it can be transferred.

Daya

Daya (Querist)
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26 November 2022 sir,
Fixed assets purchased in the case of HUF and proprietorship business for personal purpose, it should be transferred in drawing accounts or Fixed assets accounts?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 November 2022 It should be transferred to drawing accounts.

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