Drawings on capital of md or partners

This query is : Resolved

Gajjala Satheesh (Querist)
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10 May 2013 Dear Sir / Madam,

I have a small doubt my company is a Private Limited Company. Our MD is drawn Rs. 47,50,000/-. If we show the same amount is Final Accounts, what will happen.

Is there any particular amount for Company Md or Managing Partners Drawings amount.

Plz clarify my doubt.

Thanks in advance.

CA. RICHI SAXENA

CA. RICHI SAXENA (Expert)
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10 May 2013 First of all please refer MOA and AOA as to what provisions have been incorporated therein w.r.t drawings made by directors/managing directors.
And If no specific provision exists then place the amount drawn under an account named in the personal name of The Director.
This amount is to be treated as loan to director.