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Investment and capital
in sole proprietor ...fixed deposit is shown under investment then any surplus that one received will come under "capital account or profit and loss income"....????
what will be scenario the if we show fixed deposit under capital account...>>>
Replies (4)
Then payment toward FD will be treated as drawing n interest on FD will be treated as capital introduced
Then payment toward FD will be treated as drawing n interest on FD will be treated as capital introduced
Then payment toward FD will be treated as drawing n interest on FD will be treated as capital introduced
In sole proprietoship concern, when you show FDs under investment then surplus arising therefrom goes to P&L account. However, if we show it under capital account then payment towards FD will be drawings and any interest or lump sum payments received will also be added to the capital account if the transactions take place through bank account appearing in the books .
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