| Originally posted by : Amit | ||
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There is another question also relating to personal book keeping as below. If I purchase for my house, say a T.V, should I show it in assets side in balance sheet or should I show it as an expense ? What is the correct way to accouunt and what is the normal practice? Thanks in advance. |
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It will be treated as drawing...
However, if purchased for office, the same will be shown as Fixed Assets....
Thanks Dear Arvind. Now I know how to account but a new question has arisen., I could not understand the term "drawing" in the above answer. If someone can please explain in simple language, it will be helpful.
CAclubindia
