What can i show in capital account in place of withdrawl ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 sir,

i want to know what can be shown in capital account in place of withdrawl ,if the person has no capital account.

Can i shown expenses in place of withdrawl if person has no bank account.
Please suggest.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

30 March 2016 Where you want to show these accounts ? i.e capital account - withdrawl - expense

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 No a person doesnot have bank account,so at the capital account i cannot show withdrawl as he does not have bank account.
So can i show Expenses in place of withdrawl.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

30 March 2016 It doesn't matter if he don't have bank account. if he withdrawl cash for personal expense then you can also reduce his capital account.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 one more question can i show less than 8% profit in income and expenditure A/c if the person has no book of account.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

30 March 2016 You have to show above 8% u/s 44AD for not maintain books of account.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now