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Rahul the proprietor of M/S RK …

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Rahul the proprietor of M/S RK & Co. purchased an air conditioner and installed it at his residence. The payment was made by issuing a cheque from the account of M/s R.K. & Co. the accountant debited the Drawing Account with the amount where as Rahul is of the view that is should be debited to the fixed Assets . In your view , who is correct and why?

Posted by Kunal Agrawal 7 years, 1 month ago

CBSE > Class 11 > Accountancy

1 answers

Shaina Rajput 7 years, 1 month ago

I think accountant is correct because the AC was installed at his (proprietor) residence . This is for the proprietor's personal use. So it is debited to drawing a/c.?

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