Abdul Rauf shaikh (34 Points)
18 January 2017Hi,
A sole proprietor can show his persoanal expense in his books of accouns?
He withdraw money for his personal use. How can i pass this entry. If i pass drawing entry, capial account is showing on Asstets side because his drawing is more than capital. How can i adjust this transaction?
CA Karan Sathe
(CA )
(564 Points)
Replied 29 January 2017
ACCOUNTING IS NOT APPROPRIATE.hence capital a/c is on asset side. can show..personal expenses as drawings in his books
CAclubindia
