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...
Shyam Joshi & Associates
Pune
B.Com
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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CMNITY HIRE
New Delhi
Others
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CAclubindia
