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Properietory firm

savita (account OFFICER) (52 Points)

07 December 2016

CAN WE TAKE EXP OF PROPRIETOR INTO THE BOOKS PROPRIETOR FIRM. PLEASE ANSWER

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6 Replies

CA Neha Agrawal (CA) (825 Points)
Replied 07 December 2016

Personal expenses cannot be booked in business

CA VIRAL SANGHVI (Finance head) (681 Points)
Replied 08 December 2016

Yes you can take the expense of proprietor in the book of business but care should be taken that the expense is related to business, Personal expense is disallowed.

FCA surbhi jain (FCA) (897 Points)
Replied 08 December 2016

You cannot take exp. Of proprietor in books of firm if they are of personal nature.

However ,if expenses are related to business then they can be taken up in books.

CA Rizwan Saifi (Founder @ CharteredHelp) (117 Points)
Replied 08 December 2016

Only Business Expenses can be claimed (taken in the books of firm).. You must check the business connection of each expense.

Naveen tomer (1) (22 Points)
Replied 08 December 2016

dear sir
what is the stock statement

Sandeep Dharar (Business ) (18797 Points)
Replied 09 December 2016

The Income Tax return will b filed by clubbing the income of proprietor & proprietorship firm. So its better to show the personal exp. of proprietor in his/her personal books.