Dear All,
I am working in individual (Karta) firm They have made withdraw from 150000 for personal use not for firm expreses is this money will be returnable or can counted for expenses. Please mention me that how to adjust this entry . Please mention the correct entry Sorry but this is not a partnership firm
Please assist me
Thanks
Amit Kumar
Dear Sir,
First Partner of the Firm can withdraw money from the Firm. It is not returnable.
You Pass entry as below
Drawings xxxxx
To Partner A/c xxxxx
Note: In narration you mention purpose of drawings...
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
