Drwaing from propritorship firm
This query is : Resolved
22 February 2014
Dear Sir,
Last year our proprietor had been withdrawn Rs. 10,00,000.00 from firm and it shown as ADVANCE to Proprietor in books of accounts. This year he want to withdrawn of Rs. 20,00,000.00 from Firm. Actually i want to know what should the accounting effect of this transaction.
Last year our proprietor had been withdrawn Rs. 10,00,000.00 from firm and it shown as ADVANCE to Proprietor in books of accounts. This year he want to withdrawn of Rs. 20,00,000.00 from Firm. Actually i want to know what should the accounting effect of this transaction.
22 February 2014
there is no concept called advance to proprietor? you cannot owe money to yourself. whaever is withdrawn should be debited to capital account.
22 February 2014
what is the maximum limit of drawing?
22 February 2014
There is no limit in proprietorship
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