Query about proprietorship concern.
Querist : Anonymous
We are a proprietorship concern,few days ago our Proprietor's Son was admitted to Hospital for having fever & jaundice.The total bill was amounted to Rs.2,30,000.
Now I want to know can we book these expenses in our books or not as the bill is in the name of the son only and he was also not having any mediclaim insurance from company.
Please reply.
You can show the same as drawings done by the proprietor.
Querist : Anonymous
You have to prove an expense only when you are claiming it in the P & L A/c. In this case, you are not doing so. Therefor you can show the same in Drawings.
Querist : Anonymous
Now how can I adjust the amount paid by his own credit card and his relatives credit card in our books?
Please reply.
Querist : Anonymous
His son is working in his company only as an employee then also we can show this in the drawings? His son is independent now please reply urgently what should I do?
And also reply for the above question how can I adjust the credit amount?
If the father has paid the amount then obviously it is the drawings of the father.
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