What can i show in capital account in place of withdrawl ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 sir,

i want to know what can be shown in capital account in place of withdrawl ,if the person has no capital account.

Can i shown expenses in place of withdrawl if person has no bank account.
Please suggest.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 Where you want to show these accounts ? i.e capital account - withdrawl - expense

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 No a person doesnot have bank account,so at the capital account i cannot show withdrawl as he does not have bank account.
So can i show Expenses in place of withdrawl.

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 It doesn't matter if he don't have bank account. if he withdrawl cash for personal expense then you can also reduce his capital account.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2016 one more question can i show less than 8% profit in income and expenditure A/c if the person has no book of account.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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30 March 2016 You have to show above 8% u/s 44AD for not maintain books of account.

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