05 February 2012
Dear Sir/Madam, If I am having a CC A/c of Rs.200000.00 limit for the registered shop. Shall I invest the Rs.800000-Rs.100000 in purchasing of land or flat from that very a/c & how can it will be shown in the book. Will be thankful for ur valuable suggestions.
06 February 2012
Dear fried first it shows that your business is a proprietorship business. In this case all deductions from above account will be shown as Drawings or Loan & Advances received from business.
06 February 2012
Thanks for the answer sir & business is in proprietorship but if I take the amount as loan & adv. from business then I have to pay the amount after certain period of time.Is there any other way to show the amount from bank & purchase flat or land from that very amount. Will be thankful for the reply.
06 February 2012
Thanks for the ans sir. The business is proprietorship business and if I withdrawal then I have to show as loan & adv from business. Is there any other way to show the money as I am going to buy the flat or land from that amount.
CAclubindia
