Properitor

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744 Points Posted on 25 March 2021
properitor widraw money from own current account from personal use nd treated as salary if yes then he claim expenses in properitor firm
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On 25 March 2021 at 13:50 Report
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This discussion clarifies the treatment of money withdrawn by a proprietor from their business current account. Withdrawals for personal use are classified as 'drawings' and are deducted from the proprietor's capital account, not treated as salary. While drawings themselves are not deductible expenses, understanding this distinction is crucial for accurate business accounting.

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Chartered Accountant
24588 Points Posted on 25 March 2021
But why the amount withdrawn from the current account for personal use be treated as salary
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On 25 March 2021 at 14:30
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4 Points Posted on 25 March 2021
Any amount withdrawn by Proprietor is treated as Drawings and is allowed to claim as Expense from Capital Account Here the Money withdrawn shall not be treated as Salary.
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On 25 March 2021 at 16:03
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17269 Points Posted on 26 March 2021
No such drwaings are deductible as expenditure
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On 26 March 2021 at 08:42

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