What if we withdraw excess
Atharv Sankliya (1359 Points)
13 November 2021
What if we withdraw excess of money from capitals account ( in both fixed and fluctuating capital method)
3 Replies
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8656 Points)
Replied 13 November 2021
When a business owner withdraws cash from a company account, the value of company assets decreases because some capital reserves have been transferred from business to personal use. liabilities will increase.
Giridhar S Karandikar
(Team Lead)
(7553 Points)
Replied 13 November 2021
Partners proprietar is liable to pay the business the excess cash withdrawn and needs to settle it urgently.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 13 November 2021
It should be settled
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