What is drawing against profit??
Atharv Sankliya (1354 Points)
05 December 2021
what is drawing against profit??
3 Replies
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 05 December 2021
As per me this is mainly applicable for partnership firm.
Where partner withdraw it capital from his share of profit
Where partner withdraw it capital from his share of profit
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 05 December 2021
The profit of the partnership firm is transferred to capital account of the partner's. partner's can withdraw the money from their capital account for personal use.
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 11 December 2021
Drawing means withdrawal of money for personal use. It can be both in partnership as well as proprietorship firm but there is no concept of drawings in case of company
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