please suggest if a getting the salary is show his direct income in proprietorship firm profit and loss statement
Menu
Profit and loss statement income head
Replies (1)
Salary paid to a proprietor is not a business expense and should not be shown on the Profit & Loss statement. Instead, it should be treated as a "drawing" (personal withdrawal) and deducted from the owner's capital account on the Balance Sheet.
Recent Topics :
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
- Reply of summons issued under section 70 of the cg
Related Topics :
CAclubindia
