Withdrawl by proprietor
This query is : Resolved
10 July 2021
Suppose owner invest capital in business Rs 60000 .with this he has made huge profit of Rs 120000. In the same year we withdraw the amount of Rs 70000 which is more than the capital amount .what is accounting entry to be pass .
10 July 2021
Capital account dr 70000
To bank/cash cr 70000
To bank/cash cr 70000
10 July 2021
There is any problem if the negative capital will show in balance sheet .if has withdrawn more than his capital investment
10 July 2021
Add profit to his capital account, it will not be negative.
12 July 2021
Alternatively, withdrawals can be debited to drawings account I think.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Taxation on LTCG for property sold after 24JUL2024
- STCG FOR GOLD ETFs
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- GST ON DAMAGED GOODS
- Last year TDS Claim
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
