Internal audit

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276 Points Posted on 18 September 2013

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

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On 18 September 2013 at 12:21 Report
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Working
172 Points Posted on 18 September 2013

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... 

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On 18 September 2013 at 12:42

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