Dear Sir due to lackdown patner paid 5 (our and relatives) electricity bill from currant account Please suggest how to pass the entry in books of account and also suggest can we face any problems
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Quick Summary
A business owner is seeking advice on how to account for multiple electricity bills paid from their company's current account, including those for relatives. They are concerned about the correct journal entry and potential tax implications, specifically if these expenses will be disallowed as deductions when calculating profit. The query also touches upon whether using the current account for personal expenses poses any problems.