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.
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.
CAclubindia
