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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2830)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
journal entry for drawings?
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
DRAWINGS A/C DR

TO CAPITAL A/C
 
Is This Answer Correct ?    187 Yes 66 No
B.narasimha Rao
 
Answer
# 2
drawings a/c Dr
to purchase(if goods taken)
or
to cash (if cash withdrown by the owner)
 
Is This Answer Correct ?    78 Yes 11 No
Gajendra Yadav
 
 
 
Answer
# 3
Drwings a/c dr
To cash/Purchases a/c
 
Is This Answer Correct ?    66 Yes 5 No
Satyaki_raju@yahoo.com
 
Answer
# 4
(if drawings made for personal use by owner)
Drawing a/c-Dr
to cash a/c-cr

(if goods taken)
Drawing a/c-Dr
to purchases a/c -Cr

(if drawings made from bank for office use)
cash a/c-Dr
to bank a/c-cr
 
Is This Answer Correct ?    55 Yes 8 No
Neelam Rajesh
 
Answer
# 5
if it's in cash then

drawings a/c Dr.
cash a/c Cr.

if it's in material then

drawings a/c Dr.
purchase a/c Cr.
 
Is This Answer Correct ?    46 Yes 3 No
Niraj Sharma
 
Answer
# 6
drawings a/c dr
or
capital a/c dr
to purchase(if goods taken)
To cash(if cash withdrawn/ taken )
 
Is This Answer Correct ?    67 Yes 27 No
Anoj
 
Answer
# 7
Drawings A/c Dr.
To Cash/Purchase/Capital/Bank A/c
 
Is This Answer Correct ?    26 Yes 12 No
Ramakant Agnihotri
 
Answer
# 8
Hi guys sorry for the 12th answer. Following is the clear
explanation for the above question.
Whenever owner utilize the cash from the company the
Journal entry will be
Drawings A/c Dr
To Cash A/c
(Being cash withdrawn from the company)
If he utilize the goods from the company for his personal
use the Journal entry will be
Drawings A/c Dr
To goods A/c
(Being the goods used for his personal)
 
Is This Answer Correct ?    10 Yes 2 No
Dale Karthik
 
Answer
# 9
My dear Narasimha Rao take care while passing a journal
entry. The natural positions of Drawings are always Debit
and the capital is alweys Credit If any body wants to
decrese the values the natural positions must be reversed.
So the entry will be Drawings has to be debited and credit
entry will be to Bank or cash.According to you Debit entry
is correct,but unnecessarily capital account was raised. Pl
rectify your self

Sankeerthana
www.therealaccountants.com
 
Is This Answer Correct ?    6 Yes 1 No
Sankeerthana
 
Answer
# 10
DRAWINGS A/C .... DR
TO PURCHASE A/C
 
Is This Answer Correct ?    4 Yes 0 No
Sudhu
 

 
 
 
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