Can anybody suggest what will be the impact if expense made for office purpose has been accounted under personal expense and also expense made without proper bills and approvals
Nagarajan S (None) (84 Points)
31 July 2011Can anybody suggest what will be the impact if expense made for office purpose has been accounted under personal expense and also expense made without proper bills and approvals
Devendra
(Chartered Accountant)
(4775 Points)
Replied 31 July 2011
1) If the expenses related to office are accounted as personal expenses, then such expense shall be disallowed while calculating the Income from Business.
2) Such expenses shall be treated as Drawings.
Regards,
Devendra K
Aparna Raja K.C
(Student)
(520 Points)
Replied 01 August 2011
| Originally posted by : Devendra | ||
 |
1) If the expenses related to office are accounted as personal expenses, then such expense shall be disallowed while calculating the Income from Business. 2) Such expenses shall be treated as Drawings. Regards, Devendra K |
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Agree :)
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