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Proprietor's expenses

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(Querist)
15 February 2016 I am working in proprietorship. I want to ask that can I book expenses made on Proprietor's home and farm hose i.e. rent of genset under 'proprietor drawing' account. But if i do this than capital will be decrese.

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CA Mehta Ankur N.

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CA Mehta Ankur N. (Expert)
15 February 2016 You have to decrease the capital thats the only legal way out.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 February 2016 Yes you can book. If you book the profit earned at the year end it will increase.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 February 2016 Yes you can book. If you book the profit earned at the year end it will increase.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
15 February 2016 If your withdrawl is more than profit then your closing capital will be decrease.

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