Regarding cc a/c

This query is : Open

Waquar Ahmad (Querist)
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05 February 2012 Dear Sir/Madam,
If I am having a CC A/c of Rs.200000.00 limit for the registered shop. Shall I invest the Rs.800000-Rs.100000 in purchasing of land or flat from that very a/c & how can it will be shown in the book.
Will be thankful for ur valuable suggestions.

Thanks & Regards
Waquar Ahmad Afaque

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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06 February 2012 Dear fried first it shows that your business is a proprietorship business. In this case all deductions from above account will be shown as Drawings or Loan & Advances received from business.

G.Ramesh

G.Ramesh (Expert)
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06 February 2012 Agreed with the expert

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Waquar Ahmad

Waquar Ahmad (Querist)
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06 February 2012 Thanks for the answer sir & business is in proprietorship but if I take the amount as loan & adv. from business then I have to pay the amount after certain period of time.Is there any other way to show the amount from bank & purchase flat or land from that very amount.
Will be thankful for the reply.

Thanks & Regards
Waquar Ahmad Afaque

Waquar Ahmad

Waquar Ahmad (Querist)
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06 February 2012 Thanks for the ans sir. The business is proprietorship business and if I withdrawal then I have to show as loan & adv from business. Is there any other way to show the money as I am going to buy the flat or land from that amount.

Will be waiting for the reply.

Thanks & Regards

Waquar Ahmad Afaque