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Correctness of accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 July 2012 can an individual show electricity expenses of his house as drawings from his capital account instead of debiting it in his p/l account in his personal accounts?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 July 2012 Yes. Drawing means the payment by cash or any other personal nature of expenses paid from business on behalf of Proprietor.

So electricity expenses of house can be paid and debited to Drawings

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