BUSINESS EXPENDITURE
This query is : Resolved
17 December 2008
House hold withdrawls of owners was drawn from current account of the business. How this expenditure will be treated for taxation purpose?
18 December 2008
Withdrawl for personal expense is to be w/off to the capital account of the proprietor or partner, as the case may be.
18 December 2008
Nothing more to add except for the word w/off it may be read as debited.
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