magicphil

What is the Accounting Requirement of Sole proprietorship business?

Explain briefly the Accounting Requirement Sole proprietorship business

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paperback

In case of sole proprietor, owner is the sole owner of the business. So, there is no restriction on him for drawing money for his personal use. For accounting purposes, an account titled Proprietor’s Drawings is opened in the General Ledger and all payments and receipts, if any, from the proprietor are recorded in this account. Source:http://in.docsity.com/en-docs/Business_Entities-Financial_Accounting-Lecture_Handout_

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andreasge

For sales purposes, an account entitled Operator’ohydrates Drawings is exposed from the Normal Ledger and many types of expenses in addition to receipts, in case almost any, from the proprietor ar recorded therein history.

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