Purchase

Nishikant (Jalna) (298 Points)

12 March 2018

Dear Expert How to show self purchase bill in the books of account which is a commission agent

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 12 March 2018

Under Expense head then transfer to Capital Account...

Nishikant (Jalna) (298 Points)
Replied 12 March 2018

No sir it's not purchase for personal use it purchase for sale then

satish (teaching) (2046 Points)
Replied 12 March 2018

Raja sir is right.

it is to be consider as drawings.

entry is Drawings a/c dr

to Purchases

later drawings amount to be adjust with Capital

Capital a/c Dr.

To drawings a/c

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 12 March 2018

Originally posted by : Nishikant
	No sir it's not purchase for personal use it purchase for sale then

Then You can treat as Business. That's all. You ll Elobrate your view then we can discuss it with details...

Nishikant (Jalna) (298 Points)
Replied 12 March 2018

If we consider as a drawing it's amount bigger than capital then what to do

satish (teaching) (2046 Points)
Replied 12 March 2018

negative capital a/c balance. i.e. capital account with debit balance.

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