Dear someone,
I am a sole proprietor of a fim, i purchased jewellery for my son marriage, In which accounting head i will pass entry , I give this jewellery to my son.
1. Investment or Marriage Expenses
Kindly provide me the reply
Raj
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Jewellery purchase
Replies (1)
It will be required to shown as Drawings & will be deducted from your Capital A/c. Marriage expenses for son's marriage cannot be considered to be incurred for the purpose of business & hence will be drawings of the proprietor.
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