If a Proprietor or a partner withdraw goods in his own business how to treated the entry if input vat is applicable? is there is any way to treat it is a cash drawing or any other way to treat it as a normal drawing? plz reply this
If a Proprietor or a partner withdraw goods in his own business how to treated the entry if input vat is applicable? is there is any way to treat it is a cash drawing or any other way to treat it as a normal drawing? plz reply this
if the same person having one more sole right in another business it is illegal, if one of the partner will draw goods, please issue invoice how you normally doing, every taxs are applicable.
in my view
Drawings
To Purchases
To Input VAT
An expert please confirm
In case of final consumption of goods by partner himself INPUT VAT over that good will also be absorbed by partner using that good. Partnership firm can not claim INPUT VAT on those goods which is utilized by partner for his personal purpose but not for further value addition.
Drawing A/c Dr.
To Purchase/ Cost of Production
To Input VAT
agree with entries of shivani mam and samrendra sir...
i.e.
Drawings A/c Dr.
To Trading A/c or Goods consumed A/c
To Input VAT
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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