Hi all,
I have obtained GST registration for my new sole proprietorship business. Current account is in the process of opening. Meanwhile, petrol expenses and other (stamp, name board etc. ) expenses are paid through my personal saving bank account.
When my business commences, what entry should I pass for these expenses paid. Can't do:
Expenses Dr
To Bank
because saving bank account is not in my business books
if i pass Expenses Dr.
To Capital, then the expenses become capital in nature and might not be allowed as deduction.
CAclubindia
